TIP OF THE WEEK 1: Proof of deposit and income.
It has become increasingly clear that many lenders need to see proof of deposit and sometimes proof of income (although there are still lenders who don't need/want proof of income). Even the ones that don't ask for it upfront can ask after the valuation has been carried out, or even later down the line after a formal mortgage offer.
It has become increasingly clear that many lenders need to see proof of deposit and sometimes proof of income (although there are still lenders who don't need/want proof of income). Even the ones that don't ask for it upfront can ask after the valuation has been carried out, or even later down the line after a formal mortgage offer.
To make sure this doesn't catch you out, we always advise the following:
- Make sure proof of income is readily available, should you be asked.
- Have proof of deposit available should you be asked by the broker/lender/solicitor. Proof of deposit is normally acceptable by way of a bank statement which shows a slow build up of funds or lump sums from certain transactions e.g. sale/remortgage of a property,
TIP OF THE WEEK 2: Looking for a buy to sell mortgage - and bypass normal rental income?
Let's say you have found a property where the rental income is low and the property needs some refurbishment work. We have a lender that, subject to provable income, can bypass the normal rental criteria that is usually needed.
Let's say you have found a property where the rental income is low and the property needs some refurbishment work. We have a lender that, subject to provable income, can bypass the normal rental criteria that is usually needed.
You can buy the property, do whatever works need doing and then sell on without early redemption penalties.
THIS DOCUMENT AND OTHER DOCUMENTS PROVIDED ARE FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION SHOULD NOT BE INTERPRETED TO BE A COMMITMENT ON THE PART OF RESIDENT BROKER LTD. RESIDENT BROKER LTD CANNOT GUARANTEE THE ACCURACY OF ANY INFORMATION PRESENTED AFTER THE DATE OF PUBLICATION. INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED 'AS IS' WITHOUT WARRANTY OF ANY KIND. THE USER ASSUMES THE ENTIRE RISK AS TO THE ACCURACY AND THE USE OF THIS DOCUMENT.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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