Switching lenders, do we need to prove income etc all over again??

Feisty_Fairy

Hi all,

Due to renew mortgage in january next year so been looking around for good deals, we have been getting advice from an independent financial advisor who is willing to wave her fee if we use her.

BUT she has now told us that as we may be switching from Halifax to someone else that we will need to re-prove income etc, my previous advisor had told me in the past that we only needed to do this if we were asking for more money.

The problem we have is that i was earning more than double what i am now when we took out our mortgage originally (4 years ago) so i dont have the original income, we can still keep up the payments without a problem, as have been doing for 6 months ish, but we are now worried that we wont be able to get the best deal as we may have to stay with the halifax in order to not have to re submit all the info.

Anyone know if we do have to re-submit the info if we just switch lenders?

Thanks in advance

Feisty!

UK007BullDog

If you switch lenders you will have to prove your income so that the lender can be sure you can afford the borrowing.

Feisty_Fairy

Thanks!!!!

MortgagesInc

It depends on a lot of factors, like how much you're borrowing against the value of your house, and which lender is best for your particluar circumstances. A lot of lenders will 'fast-track' below 75/80%, so won't need proof of income

Conrad

MortgagesInc wrote: »

A lot of lenders will 'fast-track' below 75/80%, so won't need proof of income

This is what I mean my slick salesman 'advice'. You do know that with fasttrack lenders reserve the right to check income even after completion?

Take a look at the small print. N Rock in fact do carry out such spot checks and some brokers are being investigated as a result.

Fast track is not self cert. Any inteligent thorough non salesman type adviser will know this. The rest stick to reading the Sports pages.

MortgagesInc

Very kind words Conrad - well done for making yourself look like a condescending tw#t. I'm sure you're also aware that self-cert lenders also reserve the right to make any enquiries they wish - sorry - of course you do, you know everything. I'm quite impressed though that you question people's intelligence yet can't even spell the word!!!

silvercar

Fast-track or self-cert, you still need to state your income. OP has said their income has halved, so without lying on the forms, the answer they need is that they can't change mortgage lenders without declaring their income.

Mr_helpful

It depends what your income is. Some lenders are more generous with lower LTVs so you may be able to go fast track self cert or full status without lying. Any good broker should be able to tell you. Just the same as any good teacher would help Conrad with his spelling. He couldnt spell Independent the other day so perhaps he just struggles with "I" words:D

homer_j_3

No matter what you do, if you make another application, the lender has the right to check the income.

Providing you have been honest with your current income levels, I would not panic as they should ensure that it fits with the most suitable lender before applying. However, if you have said you are earning twice as much then you need to come clean with the advisor so they can do their job.

I wouldn't get concerned with fast track and/or self cert as I think its pretty clear that providing your income is what it is and you/your adviser has not overstated this on the application form - it will not matter if your income is checked.

If you post your income details and what you need to borrow, we should be able to give you a general idea if its realistic or not.

Feisty_Fairy

Hi again all,

We are just gonna stick with the halifax and carry on as normal, thanks for all your help!

Feisty!