Is this normal?!

Gemm83

After ditching our previous MA, we went with someone recommended by a friend. We spoke to him last night after viewing a property and asked him to get on the case. Since 9pm last night he has asked for:

1.Full credit reports from all 3 main agencies.
2. Past 6 months worth of payslips for both of us. 
3. Past 3 months worth of statements from all 3 current accounts. 
5. P60's for us both. 
4. Copies of both passports and driving licences. 
5. Details of employment.. Job titles... Start dates.. Name of... Contact details for them. 
6. Details of ALL credit accounts open we have (open and dormant, with outstanding balances). 

All this for a AIP. I understand he needs some things, but for an AIP it sounds a lot! Have we got a very thorough MA? Is this the norm? Or previous MA only wanted husbands payslips and our experian reports. 

Windofchange

We had the same requests excepting ours wanted 3 months of payslips not 6. I guess things may have tightened with COVID in terms of banks being more scrupulous? This would especially be true if you work in at risk industries such as travel. Your mortgage advisor I guess is just trying to be as thorough as possible so they don't waste your time recommending a product you have no chance of getting. 

haras_n0sirrah

Sounds like a good advisor
 We would ask for
Latest 3 months payslips, latest 3 months bank statements, proof of Id, proof of address, proof of deposit, credit report.
We wouldn't do an aip without these documents because peoples incomes aren't always what they think they are, people miss their middle names out, people forget to declare that sofa on finance or that credit card with a 6k balance on it. Adverse credit is also sometimes forgotten. You then get people saying their deposit is savings but turns out it is their parents savings or a loan they took out two weeks earlier. If I spend 2 hours on a client doing research and then an agreement in principle I want to make sure there is no reason it wont be accepted. It saves me time and means I am not dipping the client with a lender who wont lend to them.

Gemm83

Thanks for this. He's asked for 6 months as we are after a lender that will take 6 months worth into consideration due to husbands overtime. For the past 10 years he has done 40+ hours extra a month, but due to covid over the last 3 months he's just scraping 20. Things are hopefully starting to pick up again, but we've fallen in love with a place and don't want to lose it! 

haras_n0sirrah

Let me guess - natwest?

Gemm83

haras_n0sirrah said:

Let me guess - natwest?

Funny you should say that, but our previous MA said Natwest would be our best bet, but apparently they require a platinum standard credit report and unfortunately mine (well Equifax and TU) has one, not settled default on it from 5 years 9 months ago (long story) that won't be looked upon very kindly by them. Shame though considering I've banked with them for nearly 10 years 🙄

haras_n0sirrah

Natwest are known for averaging additional income over 6 months rather than 3 which is why I thought it may be them 

dunstonh

Mortgage brokers not only have to satisfy the lenders but they also have to satisfy themselves and their compliance officer.   Sometimes the requirements of each are different from each other.   Different lenders need different things too.  So, asking you up front to have all those things ready covers all the bases.