Santander mortgage AIV(automated income verification) question

Juliasmith78

Hello everyone,
This question would be probably best for brokers.Last year I had a break in employment to look after my mum at the end of life.I have just started working in January again and renegotiated a better contract with a different firm.My first pay slip arrive next week.My MB did a DIP with Santander and they got back to him that they already verified my income and do not need a payslip,just one month statement and ID's.I was bit surprised by this, especially after I had a break in work.I have just put an offer on dream house and didn't expect to be able to apply for mortgage until at least 3 pay slips and now thinking this might actually happen .
I am wondering if anyone had mortgage offered without a proof in income and does that mean it will go fast when we do a full application(providing all the info and no surprises with house).
Of course,I expect underwriters to ask more questions and more paperwork and aware that AIV is only done on credit references info of annual turnover in accounts.
Your thoughts are appreciated.

Many thanks

[Deleted User]

have had plenty of offers with auto income verification.  Santander, Haifax, Barclays and Nationwide are the most common ones for me. Had afew purchase cases go to offer as soon as the application is submitted.   Almost a bit strange when the offer is out when they are still sat in the office thinking they are going to have a few weeks to wait

Juliasmith78

Thanks so much for your response.Ha they do like to keep us waiting and stressed  
I feel more confident now to submit the application before the payslip is here.Especially as it is now almost confirmed further extension on SDLT until end of June will proceed,which might make market extra busy again.

hippocrates1

Deleted_User said:

have had plenty of offers with auto income verification.  Santander, Haifax, Barclays and Nationwide are the most common ones for me. Had afew purchase cases go to offer as soon as the application is submitted.   Almost a bit strange when the offer is out when they are still sat in the office thinking they are going to have a few weeks to wait

What is auto income verification?

K_S

@hippocrates1 Banks using customer income info they have access to, to verify income declared on the application.
https://www.telegraph.co.uk/personal-banking/current-accounts/90pc-of-bank-customers-unaware-their-income-details-are-tracked/

hippocrates1

K_S said:

@hippocrates1 Banks using customer income info they have access to, to verify income declared on the application.
https://www.telegraph.co.uk/personal-banking/current-accounts/90pc-of-bank-customers-unaware-their-income-details-are-tracked/

Interesting maybe that’s why my mortgage was approved in hours and skipped the valuation.

Juliasmith78

Interesting maybe that’s why my mortgage was approved in hours and skipped the valuation.

Great news!Did you have to provide wage slip after DIP? My MB only needs one statement and ID. Doing full application on Monday when I exchange( selling a flat) . Also large deposit. Current sellers EA is so slow, hasn’t issued memorandum of sale yet.

candycain

@Juliasmith78  did you get your mortgage approved?  do you bank with Santander?

housebuyer143

Juliasmith78 said:

Hello everyone,
This question would be probably best for brokers.Last year I had a break in employment to look after my mum at the end of life.I have just started working in January again and renegotiated a better contract with a different firm.My first pay slip arrive next week.My MB did a DIP with Santander and they got back to him that they already verified my income and do not need a payslip,just one month statement and ID's.I was bit surprised by this, especially after I had a break in work.I have just put an offer on dream house and didn't expect to be able to apply for mortgage until at least 3 pay slips and now thinking this might actually happen .
I am wondering if anyone had mortgage offered without a proof in income and does that mean it will go fast when we do a full application(providing all the info and no surprises with house).
Of course,I expect underwriters to ask more questions and more paperwork and aware that AIV is only done on credit references info of annual turnover in accounts.
Your thoughts are appreciated.

Many thanks

Yeah, I had Skipton verify mine. I got an offer in 24 hours

candycain

@housebuyer143 did you have to submit any documents like bank statements? How many? 

badmemory

What is your LTV.   I don't know about now but many years ago if your LTV was better than 75% or do I mean 25% they really didn't care too much about income.  As in property worth 100k loan only 25k.