Is this normal?

phil22

We had a surveyor out yesterday but our broker has asked us for proof of bonuses from 2 years? We have only been in our jobs 1 and a half years, we dont have proof of every month , and if i get it sent out it will delay the whole thing as that would take atleast a week.and proof of address from a few years ago which unsure if my partner had anything at my address registered then?

dunstonh

It is not uncommon for evidence to be requested to back up things stated on the application form. Especially where borrowing criteria is being pushed a bit or is tight (such as bonuses actually needed to meet affordability).

Thrugelmir

You should have payslips which will evidence the bonus payments that you've been paid.

kingstreet

If, for example you need bonus payments to make the mortgage affordable, your broker should have established you had the correct evidence for these in advance of submitting the application.

As an example, an annual bonus would be evidenced by two payslips one year apart. If the bonus is paid in April, April 2015 and April 2016 payslips would be the evidence required and the lower amount, or the average taken by the lender.

If the bonus is paid more frequently, say quarterly the latest four quarterly payslips would be required in most cases.

The evidence requirements are very much based on your circumstances and the lender concerned.

FWIW we would not have submitted your application until we had fully checked evidence in hand first.

Evidence of address can be symptomatic of a lender not being able to find someone on the voter's roll who claims to have lived at a property longer than the credit search indicates.

Auntie-Dolly

Bonuses from where?

kingstreet

The context suggests from employment.

phil22

Yeah from employment, we both didnt work there in 2014 though which worries me as obviosuly no bonuses, he has lived with me for 3 years but he wouldnt of changed some information untill a later date so thats why im guessing! Gosh im worried now! We were told our affordability matched fine. Bonuses are pid monthly and they have our last 3 statements.

NOVAMET21

Wow! that's a bit harsh asking for the bonus proof for the last 24 months. Your last 3 payslips should have been fine if you get your bonus paid monthly. When I got my mortgage accepted I didn't even start my new job whereas they were happy to take my new job's salary and bonus too. Maybe some lenders are more cautious than others and they are very different in different ways. For example, some lenders will let you borrow you more than others when your income and expense are exactly the same. Some time is varies by more than £30,000 mark or even more. Probably check out different lender if it is the lender who is asking this. If your adviser is asking this then god help you lol.

Thrugelmir

phil22 wrote: »

Bonuses are pid monthly and they have our last 3 statements.

What do you earn the bonus for? eg Meeting a sales target.

phil22

Oh thanks! Does that mean we have no chance then no others lenders wil take us its precise
Yeah for me commision which i make pretty much every month and prtner is bonus but unsure when he started getting that

phil22

Im so nervous now :,(