Mortgage help

PinkRose1983

I guess I just want some reassurance! I passed the AIP with skipton 15th October, with a 5% deposit, £190k mortgage. FTB, sole applicant. I have been self employed for 14 years. Year on year profit. I’m a childcare provider. Last tax return profit was £71K. I have a good credit rating, and the only debt is a credit card with a balance of £1300 which I did say I could pay prior to offer if, it was a deal breaker. Full application went in on 16th October, Everything initially happened very quickly, valuation done two days later. All seemed very promising. Then it went a bit quiet. Couldn’t get a response from broker so went directly to skipton. They were very quick and helpful to respond. I was advised it’s gone to “standard internal audit”.  And they’ve requested more information. I had to chase my broker to find out what they required. They asked for additional information. It was 6 months business statements. (I’d already sent 3) then they started querying a payment that goes into my bank monthly. This is the money I am paid for children whom receive government funding, from my LA. I sent my remittance advice to confirm this. They wanted to know if my husband was contributing to my deposit. I said no, again, I’ve already told my broker this. They wanted my tax overviews which I’d already sent to my broker. Then yesterday nearly 4pm, broker emails me again (frustrating as I know it won’t get actioned till Monday). More document requests. Marriage certificate because on my HMRC tax overviews my name comes up as my maiden name, don’t know why as all other correspondence comes to my married name and I changed it when I got marrried 11 years ago. Couldn’t find my marriage certificate so I’ve ordered a copy. Also queried why my middle name is on my bank statements twice, I don’t know this, I’d never noticed so I’m trying to contact my bank to rectify this. Then they’ve also asked about the interest on my tax overview, I have one payment left to make which will leave my bank 1st November, then it’s all paid for year 23. Another question they asked is why I have payments from NS&I in my bank, these are from the parents whom pay by tax free childcare. I’ve sent a document that explains this, and can obviously back these payments up with the corresponding invoices and the references show the initials of the children’s names. They have also asked for 6months statements to show deposit building, I’ve already sent 6 months worth, it’s all repetitive. I’m petrified this means they’ll decline my application. Is this normal and a good sign, or am I going to go through all of this just to get declined? I feel some of it is due to my broker not being very proactive or sending documents that I’ve already provided? Unfortunately skipton won’t allow me to send the documents directly to them and has to be via the broker. I’m knew to all this and I definitely don’t think I will ever move house to go through this again! So far everything they’ve asked if been able to provide explanations/documents. Please someone tell me this is normal 😞

kingstreet

It all sounds reasonably normal for a 95% mortgage application for someone self-employed. One or two picky bits perhaps but nothing sticks out or rings alarm bells for me.

amnblog

Sounds to me like Skipton have randomly picked your case out for internal audit to test their systems and processes.

Lenders do this with a modest sample of cases regularly, it helps them ensure that both Brokers and their staff are doing their jobs correctly and that their processes still make sense. It is not reflection of your case, nor the merits of it.

As you have experienced, it does by its nature cause some delays to Offer, but it appears that this will be the only effect.

PinkRose1983

Thankyou that’s reassuring, I spoke to them today and it does seem the broker is taking a few days to upload documents which I guess is another reason why it’s holding everything up. I sent documents to broker Friday and he only uploaded them to lender today, Skipton said another 1-2 days before they look at documents 😞 fingers crossed I’ll have some positive news end of this week 

Jemma01

I think you'll be ok. It's the standard mortgage-from-hell process. I feel your stress, I'm self employed too, and they picked on silly things. Sounds like your application went to a junior auditor trying to prove themselves 🤢

Hang in there, you'll get it soon 💕

PinkRose1983

Jemma01 said:

I think you'll be ok. It's the standard mortgage-from-hell process. I feel your stress, I'm self employed too, and they picked on silly things. Sounds like your application went to a junior auditor trying to prove themselves 🤢

Hang in there, you'll get it soon 💕

Thankyou, I hope so! 😊