Mortgage Audit

poohjj

Hello I have a mortgage application and its been pulled for audit just before exchange. 

Can someone explain what happens during a mortgage audit. Mainly can someone confirm if they will contact my employer or contact HMRC to verify income.

My mortgage application is with Skipton Building society. Has anyone had an audit with skipton building society?

which1982

Suspect it’s just some form of internal quality control check rather than anything to worry about. If there are questions about the proof of income, I suspect they could seek clarification from HMRC / Your employer - but no reason to think they definitely will.

K_S

poohjj said:

Hello I have a mortgage application and its been pulled for audit just before exchange. 

Can someone explain what happens during a mortgage audit. Mainly can someone confirm if they will contact my employer or contact HMRC to verify income.

My mortgage application is with Skipton Building society. Has anyone had an audit with skipton building society?

@poohjj I've had Skipton ask for an employer reference to verify a client's income but they asked me for the contact details. I doubt they'd just contact the employer out of the blue with your broker or you knowing.

With respect to HMRC, lenders have a way of cross-checking income but you aren't likely to know if that happens.

I wouldn't stress too much, it's probably just a random check and perhaps might not even be related to income verification. I've had cases pulled up for a random audit just to check if I'd done the client's KYC properly.

soundtimes

Hello @poohjj,
We are in exactly the same position.  Skipton's auditors pulled our application for audit when we were due to exchange.  Can you advise me what the timescale was for the audit to be complete and the outcome?  We have been waiting 7 days and the sellers have now put the property back on the market. Really hoping the wait will be over soon so we can potentially recover the purchase.
Thanks!

Gigabyte2

soundtimes said:

Hello @poohjj,
We are in exactly the same position.  Skipton's auditors pulled our application for audit when we were due to exchange.  Can you advise me what the timescale was for the audit to be complete and the outcome?  We have been waiting 7 days and the sellers have now put the property back on the market. Really hoping the wait will be over soon so we can potentially recover the purchase.
Thanks!

In the same position mate, have you had any updates? We didn't get a formal offer per se but underwrite was near done. Then it was subject to random audit.