BTL mortgage required. No Proof of Income

dunstonh

crisp wrote: »

actually it is. they instruct the survey. then they cancelled it. instructed it and then cancelled it. if I am the customer and I am paying £1000 in fees plus £950 for the survey I expect it to be done efficiently and effectively, not as if it is amateur night.

I

Sorry, you made it sound like the valuer had rescheduled the appointment.

I cannot see why C&G would cancel the valuation once they have asked the valuer to do it unless they have doubts over the chance of them lending the money.

I havent disclosed my income on the board

You said : "I have NO PROOF of income as it is derived from different sources and varies."
You also said "My earnings are more than £25k." So, thats £26k then?

It really doesnt matter how much but the fact you are unable to prove any of it. Would you lend money to someone who couldnt prove they could afford to repay you?

HelpWhereIcan

crisp wrote: »

thanks for the replies.

a local agent has assessed the rental at £615 per week as a single unit, which seems reasonable and in line with local rates.

At approx £2265 per month, most lenders would be happy that the property is self funding. However, if the surveyor does not agree with the agent and has assessed the rental income at less than £2079 pm, it may explain why they have asked for proof of income. If the rental income does not 'fit' , the C&G will try ascertain whether your personal income justifies both this and your residential mortgages in order to agree the loan. Get your broker to check that this is not the case.

crisp wrote: »

I started an application with C&G, but there have been several delays (on their behalf I should add). Firstly, they booked and cancelled my valuation twice which didnt look good. No reason or apology given.

Not unusual for the C&G in my experience.

crisp wrote: »

Now they have asked that I get an accountant to confirm my income, which will take even more time and cost as I instruct one.

They may be willing to accept your tax returns (SA302) if you have not had an accountant and done your own self assessment.

crisp wrote: »

My broker initially advised they C&G did not require this so the application would be quicker.

If I am being honest I do not think this is a claim I would be comfortable making for C&G - especially considering the loan size. I would count them as one of the more ... 'erratic'... lenders in terms of service speed and need to request proof of income.

crisp wrote: »

I wouldnt normally mind but the vendor has stubbornly refused to remove the property from the market, hence the pressure is on.

Have a frank conversation with your broker about how long things are likely to take with C&G now (no point in pulling out if you are 95% there). He should be able to tell you if confirmation of your income is all they need or if there are still other outstanding requirements the underwriter has.

If you are willing to pay another valuation fee, you could always submit a 'back up' application with another lender who will do it quickly and with minimal questions about your personal income. The deal may not be as good as the one you have been offered with C&G and the valuation fee may be unneccesarily spent if C&G pull their finger out, but it may be money well spent if it stops you losing a property you want.

There are a couple of lenders who should fit the bill in terms of speed and focus on rental income only, but I would again advise that you have a chat with your broker about it as service levels can vary depending on which processing centre or packager your broker uses and his experience of certain lenders may be different from mine. eg UCB, BMS, TMB, West Brom plus some others.

crisp wrote: »

my income is derived from consultancy work, savings and investments. My earnings are more than £25k.

The fact that it is above £25k will be more important to some lenders than where it comes from so a tax return may be the most you will need.