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Author Topic: Mortgage options  (Read 912 times)
cambridgealex
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« on: January 30, 2020, 11:53:28 AM »

Hello blonde,

How many months payslips do mortgage lenders typically ask for? 3? 6? 12? Does anyone have any recent experience with which lenders ask for what?
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Jon MW
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« Reply #1 on: January 30, 2020, 12:02:00 PM »

We had to supply one months bank statement showing the salary going in - but we were already customers so our account activity might have already been taken into account when they made the AIP offer.

EDIT: scratch that - just had a check and that was in addition to earlier on I had already supplied 3 months pay slips. My wife only had 1 because she'd just started working (I think they had to make an exception for that though.)
« Last Edit: January 30, 2020, 12:05:24 PM by Jon MW » Logged

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« Reply #2 on: January 30, 2020, 12:59:49 PM »

Coventry BS were flexible with me last year, they accepted 10 months trading history rather than their usual 3 years.
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Longines
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« Reply #3 on: January 30, 2020, 01:01:47 PM »

I imagine that a whole of market broker would be a good option for anyone with a less than straightforward income history?
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Marky147
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« Reply #4 on: January 30, 2020, 03:02:46 PM »

Can vary widely dependent on lender, and mortgage requirements etc.

Fire me a PM with what you're looking to do and might be able to point you in the right direction, Alex.

I'm not a broker, but my old man is, and I work for the same company he does based up in London.
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« Reply #5 on: January 30, 2020, 05:51:58 PM »

I resigned up with a new deal with my existing provider about 6 months ago and they were only £10 more expensive than the best deal, didn’t need to show anything which was very handy.
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« Reply #6 on: January 30, 2020, 06:16:09 PM »

Depending on how much deposit/collateral you have the no questions mortgages are back on the table including some of the main banks but you do need to go through a specialist broker.

I was looking to buy another property recently through Knight Frank and they had a very good in house brokerage team. Like poker the answer is it depends
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« Reply #7 on: January 30, 2020, 07:11:56 PM »

I resigned up with a new deal with my existing provider about 6 months ago and they were only £10 more expensive than the best deal, didn’t need to show anything which was very handy.

Yeah, product transfers are always cushdy.
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« Reply #8 on: January 31, 2020, 10:52:34 AM »

I resigned up with a new deal with my existing provider about 6 months ago and they were only £10 more expensive than the best deal, didn’t need to show anything which was very handy.

Yeah, product transfers are always cushdy.

I have been told that this is the reason you shouldn't pay off your mortgage in full if you plan to need another mortgage in the future, i.e. keep a very small amount on the existing mortgage as then when you need a new big amount you don't have to start from scratch and it is far easier. Is this true? (apologies for any derail of thread!)
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« Reply #9 on: January 31, 2020, 10:45:16 PM »

The standard is usually 3 months payslips and 3 months bank statements.
They will go through the bank statements with a fine tooth comb so try and 'clean' your bank statements prior to applying. By this I mean use other means of paying for stuff especially gambling related.
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EvilPie
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« Reply #10 on: February 01, 2020, 09:30:48 AM »

The standard is usually 3 months payslips and 3 months bank statements.
They will go through the bank statements with a fine tooth comb so try and 'clean' your bank statements prior to applying. By this I mean use other means of paying for stuff especially gambling related.

They'll be asking where all incoming payments came from as well so it's handy if you have a good answer.

Personally in your shoes I'd be trying to clean up my account for the next three months prior to applying. Just try to keep it as simple as possible without loads of transactions between friends for example. Maybe get receipts for casino cashouts if that's possible? Don't know if that's possible but they will ask where all those cash deposits come from.

If you can try to make your income similar every month. You can do it artificially but they'll prefer to see 3 monthly cash deposits of £10k, £11k and £9k than £1k, £22k and £7k.

I imagine it's different for the specialist lenders but if you go with a mainstream bank they want to know absolutely everything.
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« Reply #11 on: February 01, 2020, 12:45:59 PM »

I resigned up with a new deal with my existing provider about 6 months ago and they were only £10 more expensive than the best deal, didn’t need to show anything which was very handy.

Yeah, product transfers are always cushdy.

I have been told that this is the reason you shouldn't pay off your mortgage in full if you plan to need another mortgage in the future, i.e. keep a very small amount on the existing mortgage as then when you need a new big amount you don't have to start from scratch and it is far easier. Is this true? (apologies for any derail of thread!)

If you're trying to remortgage in the future, you'll still have to go through the procedures. I presume you mean if you are looking to raise capital for a bigger mortgage?

Whenever you're looking to raise funds, they'll always need proof of income, and affordability etc.

We always get 3 months bank statements, even if the lender may not always require them due to low LTV or mortgage amount. Just for our compliance, so we can check for anything that looks strange, or any undisclosed financial commitments etc.

Product transfers are easy because you are switching the balance to another scheme with your current provider.

I work for 3 brokers based around London, and part of my job is doing what Matt says above. I go through the bank statements to correlate all their financial information, as we have to ensure the clients are not going to be overstretched if taking the new mortgage. Any gambling transactions are always incorporated into their expenditure, and the lenders will obviously see them, too.
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superwomble
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« Reply #12 on: February 03, 2020, 09:50:57 AM »

I resigned up with a new deal with my existing provider about 6 months ago and they were only £10 more expensive than the best deal, didn’t need to show anything which was very handy.

Yeah, product transfers are always cushdy.

I have been told that this is the reason you shouldn't pay off your mortgage in full if you plan to need another mortgage in the future, i.e. keep a very small amount on the existing mortgage as then when you need a new big amount you don't have to start from scratch and it is far easier. Is this true? (apologies for any derail of thread!)

If you're trying to remortgage in the future, you'll still have to go through the procedures. I presume you mean if you are looking to raise capital for a bigger mortgage?

Whenever you're looking to raise funds, they'll always need proof of income, and affordability etc.

We always get 3 months bank statements, even if the lender may not always require them due to low LTV or mortgage amount. Just for our compliance, so we can check for anything that looks strange, or any undisclosed financial commitments etc.

Product transfers are easy because you are switching the balance to another scheme with your current provider.

I work for 3 brokers based around London, and part of my job is doing what Matt says above. I go through the bank statements to correlate all their financial information, as we have to ensure the clients are not going to be overstretched if taking the new mortgage. Any gambling transactions are always incorporated into their expenditure, and the lenders will obviously see them, too.

I was meaning capital for a new mortgage yes - we may be in a position to pay off our mortgage later this year but will be wanting to move in a few years time to a more expensive property, we would need a new mortgage then. My wife was working full time when we took out our current mortgage but is now part time and may not be working at all when we move. Because of this someone told us we should keep a small amount on our existing mortgage rather than pay it all off as when we move there won't be issues with getting an increased mortgage with our current provider whereas we may struggle to get a new one from scratch.
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StuartHopkin
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« Reply #13 on: February 03, 2020, 12:36:50 PM »

I resigned up with a new deal with my existing provider about 6 months ago and they were only £10 more expensive than the best deal, didn’t need to show anything which was very handy.

Yeah, product transfers are always cushdy.

I have been told that this is the reason you shouldn't pay off your mortgage in full if you plan to need another mortgage in the future, i.e. keep a very small amount on the existing mortgage as then when you need a new big amount you don't have to start from scratch and it is far easier. Is this true? (apologies for any derail of thread!)

If you're trying to remortgage in the future, you'll still have to go through the procedures. I presume you mean if you are looking to raise capital for a bigger mortgage?

Whenever you're looking to raise funds, they'll always need proof of income, and affordability etc.

We always get 3 months bank statements, even if the lender may not always require them due to low LTV or mortgage amount. Just for our compliance, so we can check for anything that looks strange, or any undisclosed financial commitments etc.

Product transfers are easy because you are switching the balance to another scheme with your current provider.

I work for 3 brokers based around London, and part of my job is doing what Matt says above. I go through the bank statements to correlate all their financial information, as we have to ensure the clients are not going to be overstretched if taking the new mortgage. Any gambling transactions are always incorporated into their expenditure, and the lenders will obviously see them, too.

I was meaning capital for a new mortgage yes - we may be in a position to pay off our mortgage later this year but will be wanting to move in a few years time to a more expensive property, we would need a new mortgage then. My wife was working full time when we took out our current mortgage but is now part time and may not be working at all when we move. Because of this someone told us we should keep a small amount on our existing mortgage rather than pay it all off as when we move there won't be issues with getting an increased mortgage with our current provider whereas we may struggle to get a new one from scratch.

I have heard the same about leaving a small balance rather than paying off completely,

It isn't going to avoid the fact that they will need to know your exact income now.
All of their affordability calculations for a new/increased mortgage will be based on your current income and you will have to tell them that your wife is no longer working. 
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superwomble
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« Reply #14 on: February 03, 2020, 12:48:41 PM »

I resigned up with a new deal with my existing provider about 6 months ago and they were only £10 more expensive than the best deal, didn’t need to show anything which was very handy.

Yeah, product transfers are always cushdy.

I have been told that this is the reason you shouldn't pay off your mortgage in full if you plan to need another mortgage in the future, i.e. keep a very small amount on the existing mortgage as then when you need a new big amount you don't have to start from scratch and it is far easier. Is this true? (apologies for any derail of thread!)

If you're trying to remortgage in the future, you'll still have to go through the procedures. I presume you mean if you are looking to raise capital for a bigger mortgage?

Whenever you're looking to raise funds, they'll always need proof of income, and affordability etc.

We always get 3 months bank statements, even if the lender may not always require them due to low LTV or mortgage amount. Just for our compliance, so we can check for anything that looks strange, or any undisclosed financial commitments etc.

Product transfers are easy because you are switching the balance to another scheme with your current provider.

I work for 3 brokers based around London, and part of my job is doing what Matt says above. I go through the bank statements to correlate all their financial information, as we have to ensure the clients are not going to be overstretched if taking the new mortgage. Any gambling transactions are always incorporated into their expenditure, and the lenders will obviously see them, too.

I was meaning capital for a new mortgage yes - we may be in a position to pay off our mortgage later this year but will be wanting to move in a few years time to a more expensive property, we would need a new mortgage then. My wife was working full time when we took out our current mortgage but is now part time and may not be working at all when we move. Because of this someone told us we should keep a small amount on our existing mortgage rather than pay it all off as when we move there won't be issues with getting an increased mortgage with our current provider whereas we may struggle to get a new one from scratch.

I have heard the same about leaving a small balance rather than paying off completely,

It isn't going to avoid the fact that they will need to know your exact income now.
All of their affordability calculations for a new/increased mortgage will be based on your current income and you will have to tell them that your wife is no longer working. 


That's what I was thinking. Another point I have just remembered he mentioned though was about our credit score - apparently not having a mortgage will affect this negatively and therefore making a new mortgage harder, whereas if we keep a small amount on it our credit score won't be hit. Sounds unlikely to me for the exact same reason though.
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