Mortgage broker - ask me anything

roma1210

Applying for a mortgage. My lender is at logger heads with my chartered accountant. Lender is saying the tax overview does not match the tax computation and it needs to be adjusted and the accountant is saying it is correct and will not adjust. Unsure where I go from here

K_S

roma1210 said:

Applying for a mortgage. My lender is at logger heads with my chartered accountant. Lender is saying the tax overview does not match the tax computation and it needs to be adjusted and the accountant is saying it is correct and will not adjust. Unsure where I go from here

@roma1210 If you're using a broker, they should be getting to the bottom of this and what needs to be done to progress it. A lot of these issues are due to the two parties talking in two different languages. It's not uncommon when the documents are produced from accounting software but rarely a show stopper. As a broker, I'd just speak to a BDM or an underwriter and understand what the sticking point is and go from there. Sorry, I'm not sure what one would do for direct apps.

With regard to what underwriters look for in a TYO (tax year overview) vis-a-vis the SA302 (Tax computation), this is an example of what underwriters are looking to confirm -


I hope it all works out in the end, good luck!

GentleGiant01

roma1210 said:

Applying for a mortgage. My lender is at logger heads with my chartered accountant. Lender is saying the tax overview does not match the tax computation and it needs to be adjusted and the accountant is saying it is correct and will not adjust. Unsure where I go from here

It’s worth getting your accounts checked with another chartered accountant. If you can get a letter from them providing a second opinion that they are correct you can potentially get the lender to pull it through 

JellyphantCastle

I swear at this stage I’m just a walking worry - we’ve received our NatWest mortgage offer this evening (huge relief!) but within the offer letter they’ve included incorrect conveyancer details. Basically I had a bad feeling about the first firm and changed to another literally the day after the mortgage application was submitted. On the broker portal, I can see the correct details - but I can only assume these weren’t transferred to the live application. 

I’m hoping (praying) that this will be a relatively
simple fix, and won’t require the application to be re-assessed? I know my current conveyancer is on their panel and I did notify the broker immediately of the change so hopefully I won’t be penalised? My worry is the old conveyancer will receive the offer and tell the lender we’re nothing to do with them…!

K_S

JellyphantCastle said:

I swear at this stage I’m just a walking worry - we’ve received our NatWest mortgage offer this evening (huge relief!) but within the offer letter they’ve included incorrect conveyancer details. Basically I had a bad feeling about the first firm and changed to another literally the day after the mortgage application was submitted. On the broker portal, I can see the correct details - but I can only assume these weren’t transferred to the live application. 

I’m hoping (praying) that this will be a relatively
simple fix, and won’t require the application to be re-assessed? I know my current conveyancer is on their panel and I did notify the broker immediately of the change so hopefully I won’t be penalised? My worry is the old conveyancer will receive the offer and tell the lender we’re nothing to do with them…!

@JellyphantCastle It's a simple fix for the broker to get the offer reissued with the new conveyancer, nothing to worry about at all!

JellyphantCastle

K_S said:

JellyphantCastle said:

I swear at this stage I’m just a walking worry - we’ve received our NatWest mortgage offer this evening (huge relief!) but within the offer letter they’ve included incorrect conveyancer details. Basically I had a bad feeling about the first firm and changed to another literally the day after the mortgage application was submitted. On the broker portal, I can see the correct details - but I can only assume these weren’t transferred to the live application. 

I’m hoping (praying) that this will be a relatively
simple fix, and won’t require the application to be re-assessed? I know my current conveyancer is on their panel and I did notify the broker immediately of the change so hopefully I won’t be penalised? My worry is the old conveyancer will receive the offer and tell the lender we’re nothing to do with them…!

@JellyphantCastle It's a simple fix for the broker to get the offer reissued with the new conveyancer, nothing to worry about at all!

Thank you so much!

roast

Good evening
Tonight I just applied direct to NatWest after a successful AIP.  I have 1 credit card and small furniture loan that I will be clearing and closing this Thursday (31st). I didn’t include these in the application as it asked for outstanding balances - now I’m thinking this will cause issues with the application even though I’m paying it all off in 24 hours (ish).  I assume NatWest will query it anyway as it wouldn’t come of credit report straight away.
Thanks in advance for the advice / help.

debtout

Hi again another question. I can see that part of the mortgage application process involves the mortgage lender requesting for a valuation of the property, as part of approving the mortgage?. As we're buying a new build, which is only due for completion sometime in August, and we've already applied for the mortgage, how does the evaluation process work in this case please?. 

K_S

roast said:

Good evening
Tonight I just applied direct to NatWest after a successful AIP.  I have 1 credit card and small furniture loan that I will be clearing and closing this Thursday (31st). I didn’t include these in the application as it asked for outstanding balances - now I’m thinking this will cause issues with the application even though I’m paying it all off in 24 hours (ish).  I assume NatWest will query it anyway as it wouldn’t come of credit report straight away.
Thanks in advance for the advice / help.

@roast If you're past the DIP stage then it should be fine. At worst they'll raise a query at underwriting which you can give a reasonable response to.

K_S

debtout said:

Hi again another question. I can see that part of the mortgage application process involves the mortgage lender requesting for a valuation of the property, as part of approving the mortgage?. As we're buying a new build, which is only due for completion sometime in August, and we've already applied for the mortgage, how does the evaluation process work in this case please?. 

@debtout The exact process depends on what stage the site is at. This should answer your question https://www.nationwide-intermediary.co.uk/lending-criteria/new-build-hub/valuations