Trussle, Halifax and me

jrrrrj

Hi all,

I had an offer accepted on a house on 22/10. My mortgage advisor, Trussle, have recommended Halifax as the lender of choice.

I had some late payment on a PayPal and Next store card accounts earlier this year (March). They were late by one month and are now up to date and I closed the Next account. Embarrassingly it was down to not setting up direct debits!

My Experian credit score is 999, their top score. I’ve closed lots of random credit cards this year that I wasn’t using and I don’t have any loans, debt etc.

in February 2019 I resigned as a director and majority share holder of the company I work for. I have a contract of employment in place, payslips to evidence my £40k pa income and companies house reflects the resignation etc. No dodgy dealings. Just didn’t want to be a director any longer. 

Trussle said they think this should all be ok. The AIP from Halifax came back ok on 23/10. My deposit is 15%. The valuation has been paid for and awaiting scheduling due to the Wales lockdown. 

If there are any professionals here that could offer insight into likelihood of proceeding that would be great. 

amnblog

If you have dropped ownership to switch to salary it would ring alarm bells with me.
This is a common response to a business ceasing to be profitable where the thinking is that the Lender will accept wage slips (PAYE) without question. 

Don’t be surprised if the Lender asks to see business accounts to check the current trading position.

Thrugelmir

Are you an employee of a company in which you are the majority shareholder? 

jrrrrj

Thrugelmir said:

Are you an employee of a company in which you are the majority shareholder? 

No. I’m an employee with no shares and no directorship. I haven’t been a director since February 2019, same for my shares.

I’m an employee and get paid through PAYE. 

jrrrrj

amnblog said:

If you have dropped ownership to switch to salary it would ring alarm bells with me.
This is a common response to a business ceasing to be profitable where the thinking is that the Lender will accept wage slips (PAYE) without question. 

Don’t be surprised if the Lender asks to see business accounts to check the current trading position.

Thank you. I completely understand that. It’s been well over a year and a contract of employment is in place,  I don’t have access to accounts now either, I’m an employee, so I don’t have access to that information any longer, although if they asked, I’d be happy to see if I can obtain them.

Trussle seem to think it shouldn’t be an issue given the passage of time.