Mortgage broker - ask me anything

bigbeff

Hi. 
Looking at buying a property with my partner in near future. I earn £16k PAYE and approx £11k self employed work plus have a property I let out (rent pays mortgage on that). Currently also have mortgage on my current house. Question is, if looking to buy new one, what would I need to prove self employed income? Thanks

haras_n0sirrah

bigbeff said:

Hi. 
Looking at buying a property with my partner in near future. I earn £16k PAYE and approx £11k self employed work plus have a property I let out (rent pays mortgage on that). Currently also have mortgage on my current house. Question is, if looking to buy new one, what would I need to prove self employed income? Thanks

You would need latest 3 months business bank statements and latest 3 years tax assessments and corresponding tax year overviews

Peter74

I had an AIP with Santander in June (soft search) and then the full application on 16/08.  On 19/08 I was told my credit check was approved and the subsequently received a mortgage offer last week.  To date, I never had a hard check registered on credit karma or checkmyfile.  Is that normal?

kevkaos

Are you seeing alot of down valuations at the moment? Got a survey/valiation on Wed and feeling very stressed. 

bigbeff

haras_n0sirrah said:

bigbeff said:

Hi. 
Looking at buying a property with my partner in near future. I earn £16k PAYE and approx £11k self employed work plus have a property I let out (rent pays mortgage on that). Currently also have mortgage on my current house. Question is, if looking to buy new one, what would I need to prove self employed income? Thanks

You would need latest 3 months business bank statements and latest 3 years tax assessments and corresponding tax year overviews

Thanks If I have only been self employed for 2 years (currently on 3rd) would I be best waiting until I have this years tax return? 

haras_n0sirrah

bigbeff said:

haras_n0sirrah said:

bigbeff said:

Hi. 
Looking at buying a property with my partner in near future. I earn £16k PAYE and approx £11k self employed work plus have a property I let out (rent pays mortgage on that). Currently also have mortgage on my current house. Question is, if looking to buy new one, what would I need to prove self employed income? Thanks

You would need latest 3 months business bank statements and latest 3 years tax assessments and corresponding tax year overviews

Thanks If I have only been self employed for 2 years (currently on 3rd) would I be best waiting until I have this years tax return? 

Some lenders are ok with 2 (and 1 or 2 are ok with 1) so two should be fine if you dont have 3

haras_n0sirrah

kevkaos said:

Are you seeing alot of down valuations at the moment? Got a survey/valiation on Wed and feeling very stressed. 

We have had a few yes. Not a high percentage but certainly more than pre covid. 

haras_n0sirrah

Peter74 said:

I had an AIP with Santander in June (soft search) and then the full application on 16/08.  On 19/08 I was told my credit check was approved and the subsequently received a mortgage offer last week.  To date, I never had a hard check registered on credit karma or checkmyfile.  Is that normal?

If you have a mortgage offer then you are fine. 

xMeganCL

Is an application going to underwriter for QC a regular thing? Apparently my final document was signed off today and the application is with the underwriter for QC and should be actioned shortly. Does this sound like an offer is on its way?

ChasingtheWelshdream

As a broker, would you be happy if your customer contacted the lender direct for an update? Or would you rather chase yourself?

Our broker has escalated our case but the lender is not giving any information.  I'm wondering if if we could call direct to ask about what's happening, rather than hassling our broker. But I'm not sure if that's 'the done thing'.

I've seen comments implying people can see application trackers, even when they've applied through a broker. We haven't been given that option so have to contact our broker each time for an update and am mindful of becoming too much of a pain.