Mortgage broker - ask me anything

kingstreet

GMortgageadvice said:

kingstreet said:

GMortgageadvice said:

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

I have submitted my tax credits on my statements to show as income and proof, so why are Barclays still requesting the awards letter- I haven’t received it yet. Can’t the statements showing the income be accepted?

Barclays requirement;-

HMRC tax credit award letter (all pages) and latest bank statement clearly identifying the source of the income as being an acceptable benefit

This will be required to prove the income used for the benefit claim matches the income on the application and possibly to identify the credit concerned.

I have had a look and it states on Barclays:

• HMRC tax credit award letter (all pages)

or if award letter not available then;

• 3 months bank statements (identifying the source of income as an acceptable benefit)

I don't know where you got that from but I got mine from here, the Allowable Income Table in Intermediary Criteria;-

https://intermediaries.uk.barclays/home/lending-criteria/residential/a-c/

To be honest, a lender can demand what it wants and an award letter is not unusual for tax credits.

J1one

Springboard mortgage- can helper give more than 10%? 

GMortgageadvice

kingstreet said:

GMortgageadvice said:

kingstreet said:

GMortgageadvice said:

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

I have submitted my tax credits on my statements to show as income and proof, so why are Barclays still requesting the awards letter- I haven’t received it yet. Can’t the statements showing the income be accepted?

Barclays requirement;-

HMRC tax credit award letter (all pages) and latest bank statement clearly identifying the source of the income as being an acceptable benefit

This will be required to prove the income used for the benefit claim matches the income on the application and possibly to identify the credit concerned.

I have had a look and it states on Barclays:

• HMRC tax credit award letter (all pages)

or if award letter not available then;

• 3 months bank statements (identifying the source of income as an acceptable benefit)

I don't know where you got that from but I got mine from here, the Allowable Income Table in Intermediary Criteria;-

https://intermediaries.uk.barclays/home/lending-criteria/residential/a-c/

To be honest, a lender can demand what it wants and an award letter is not unusual for tax credits.

Thank you for that, just a little confusing because I read this:

https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/Mortgage-Intermediaries-Residential-Packaging-Oct18.pdf

I just don’t want to delay the mortgage application because the tax credits letter hasn’t come through the post yet.

GMortgageadvice

GMortgageadvice said:

kingstreet

GMortgageadvice said:

kingstreet said:

GMortgageadvice said:

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

I have submitted my tax credits on my statements to show as income and proof, so why are Barclays still requesting the awards letter- I haven’t received it yet. Can’t the statements showing the income be accepted?

Barclays requirement;-

HMRC tax credit award letter (all pages) and latest bank statement clearly identifying the source of the income as being an acceptable benefit

This will be required to prove the income used for the benefit claim matches the income on the application and possibly to identify the credit concerned.

I have had a look and it states on Barclays:

• HMRC tax credit award letter (all pages)

or if award letter not available then;

• 3 months bank statements (identifying the source of income as an acceptable benefit)

I don't know where you got that from but I got mine from here, the Allowable Income Table in Intermediary Criteria;-

https://intermediaries.uk.barclays/home/lending-criteria/residential/a-c/

To be honest, a lender can demand what it wants and an award letter is not unusual for tax credits.

Thank you for that, just a little confusing because I read this:

https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/Mortgage-Intermediaries-Residential-Packaging-Oct18.pdf

I just don’t want to delay the mortgage application because the tax credits letter hasn’t come through the post yet.

It also says the statements are fine here too:

https://www.barclays.co.uk/mortgages/appointment/

hence, me feeling like Barclays should be okay with assessing the benefit income stated on bank statements.

Mrs6653

Hi, are you able to clarify NatWest processes?  I’m employed husband is SE sole trader. 

Application submitted 24.5 and on the tracker 25.5
7.6 request for SA100 provided same day. 

8.6 SA100 marked for review and all other documents listed again for review
29.6 request for business accounts and broker informed them banking is on the Personal accounts already provided. 

I’ve been told by brokers that they reviewed documents ( all still showing as waiting for review on tracker) but they will have to check it all against to ensure it adds up to business transactions etc, but now I am back to the queue for 15 days again! 
 

Should they have not asked for business accounts at the pre- underwriting stage? And what is the 3 day for further documents? I can’t understand why I go back to the beginning now? 

So frustrating, vendor has a new build the estate agents warned us about NatWest. 

Narges

K_S said:

Narges said:

K_S said:

Narges said:

Hello-is it impossible to secure a mortgage with AR on credit file?

My partner and I have applied for a mortgage via Nationwide and our valuation is booked for tomorrow so not sure how long it will take after that to hear the decision. what worries me its my Partner's credit history, he had a two year Arrangement to Pay with a Water company, which has been stopped on March 2020 and the account has been closed on Apr 2021 and marked satisfied. at the time that he agreed to AP plan he wasn't clear about the negative impact it will have on his credit file. however, other than this black mark he doesn't have any other issue and has been paying a hire to purchase loan he had since 2019 on time till now, and my credit is clean without any problems. we are applying for 90%LTV, and we have a good amount of saving other than our deposits(£33k), close to £25K.  we are both in full time employment for over 3 years. I'm stressed as I have read really frustrating comments about not being able to secure a mortgage with AR mark on credit file! does anyone have any experience with these type of issue? 

@narges As you're past the DIP stage, you *should* be fine.

Water companies usually report to only one of Experian or Equifax so it may also be the case that Nationwide never picked it up on their credit search. Does the arrangement to pay show on both reports Exp and Equifax?

Unfortunately, they have reported it to both Equifax and TransUnion and Nationwide have checked both these reports. we have tried to ask them taking it off, complaining that they have not explained it completely at the time but they refused to take it down! 

@narges Given that you've passed the DIP, hopefully you should be fine. Even if it's subject to a manual review, the fact that it's a utility and satisfied should play in your favour. 

Worst case scenario, if the underwriter declines it at manual review due to this, you can use a lender that checks only Experian and doesn't explicitly ask about adverse history.

Hope the Nationwide offer comes through, good luck!

Good morning all, 

Just wanted to give an update on our process, thinking it might help others in similar situation, Today we have received our offer from Nationwide 😊 

kerrick

Ltd company mortgage question:

Company is established, has no real estate activities, provides marketing services. Profitable and has surplus cash flow every month and director doesnt want to withdraw all profit as income. 

Do BTL lenders only lend to SPV companies, or can a company like this get a mortgage to buy a residential flat to let as BTL? If so any names of lenders or brokers that do?

kingstreet

kerrick said:

Ltd company mortgage question:

Company is established, has no real estate activities, provides marketing services. Profitable and has surplus cash flow every month and director doesnt want to withdraw all profit as income. 

Do BTL lenders only lend to SPV companies, or can a company like this get a mortgage to buy a residential flat to let as BTL? If so any names of lenders or brokers that do?

There's a small number of lenders willing to lend to a trading company. Contact an experienced BTL broker for details. If they have common shareholders/directors, the trading company could lend funds to the SPV subject to a loan agreement acceptable to the lender.

maton91

Hi,

Santander down valued my offer this time last week, I've renegotiated the price with the seller and informed my broker with proof of funds. I chased up the broker today but said they're going to check with the underwriter later in the week.

I was hoping by now to have my mortgage so I can get the purchase complete. Would it be wrong of me to go to Santander direct for an update instead of waiting for the broker to get in touch? 

kingstreet

maton91 said:

Hi,

Santander down valued my offer this time last week, I've renegotiated the price with the seller and informed my broker with proof of funds. I chased up the broker today but said they're going to check with the underwriter later in the week.

I was hoping by now to have my mortgage so I can get the purchase complete. Would it be wrong of me to go to Santander direct for an update instead of waiting for the broker to get in touch? 

Have a look at this and see if you think it would help;-

https://www.santanderforintermediaries.co.uk/submit-and-track-business/our-service-levels/