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Small additional advance/Remortgaging with same provider but no pay slips
danfearn77
Posts: 19 Forumite
Hi
Last year i remortgaged with the same provider at the end of my 2 year special rate. All was good and i didnt have to show any paperwork. I am now after a small additional advance of £8500 to buy out the freehold on my property. I went into the bank and they have said its processed as a new application, which is fine, and have done an agreement in principal which was accepted. Ive got to go back tomorrow and have been asked to provide pay slips and bank statements to show salary deposits. Trouble is, i lost my job in September with the collapse of Thomas Cook Airlines so have no recent payslips. I have a new job now which i started 3 weeks ago so have yet to receive a new pay slip (but even if i did Barclays want 3 months pay slips). I did tell the guy this who did the agreement in principal and he didnt seem too bothered (i have my signed contract showing salary etc). My question is, will Barclays be ok with this? and has anyone had a similar experience? After being made redundant i never defaulted on the mortgage and was actually overpaying on it so im hoping they see i am not a risk. My only concern is the holder of my freehold has set a February time frame for me to purchase the freehold until they 'reserve the right to sell to a third party'. Details of my income/mortgage below;
My Salary £52,000
Partner salary £28,000
Current house value £280,000
Current Mortgage value £151,000
Any help or info on previous similar experiences would be appreciated so i can know how to approach the meeting tomorrow. Thanks
P.S I should add, i would of considered a cash advance from a credit card to cover this but my wedding payments are sat on my credit card so thats not an option...knew getting married was a bad idea:rotfl:
Last year i remortgaged with the same provider at the end of my 2 year special rate. All was good and i didnt have to show any paperwork. I am now after a small additional advance of £8500 to buy out the freehold on my property. I went into the bank and they have said its processed as a new application, which is fine, and have done an agreement in principal which was accepted. Ive got to go back tomorrow and have been asked to provide pay slips and bank statements to show salary deposits. Trouble is, i lost my job in September with the collapse of Thomas Cook Airlines so have no recent payslips. I have a new job now which i started 3 weeks ago so have yet to receive a new pay slip (but even if i did Barclays want 3 months pay slips). I did tell the guy this who did the agreement in principal and he didnt seem too bothered (i have my signed contract showing salary etc). My question is, will Barclays be ok with this? and has anyone had a similar experience? After being made redundant i never defaulted on the mortgage and was actually overpaying on it so im hoping they see i am not a risk. My only concern is the holder of my freehold has set a February time frame for me to purchase the freehold until they 'reserve the right to sell to a third party'. Details of my income/mortgage below;
My Salary £52,000
Partner salary £28,000
Current house value £280,000
Current Mortgage value £151,000
Any help or info on previous similar experiences would be appreciated so i can know how to approach the meeting tomorrow. Thanks
P.S I should add, i would of considered a cash advance from a credit card to cover this but my wedding payments are sat on my credit card so thats not an option...knew getting married was a bad idea:rotfl:
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Comments
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What a tricky position to be in. Can you borrow back any overpayments?Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0
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longway2go wrote: »What a tricky position to be in. Can you borrow back any overpayments?
Thanks, I hadn't thought about that to be honest! I will ask if necessary to see if thats an option. I have my signed contract along with the P45 to show i signed off from JSA so i'm hoping that might be enough. I wouldn't be bothered if i had a few months before the freehold offer was up (infact i wouldnt be doing this at all!)
Time will tell:undecided0
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