Problems with Mortgage

[LeftMuffin]

Hi all,

Hopefully someone can help.

We recently applied for a £160,000 mortgage with Santander with us putting in £20,000 giving a total of £180k.

Now during the application I stated my wage and that I have a garentee letter from my employer for my £10k bonus to be paid end of September and they said that a letter showing that was fine and gave us a mortgage promise based on the letter being recieved.

Now on sending them the letter they are now saying that they won't accept the letter only a year to date Payslip showing the bonus being paid. Now this raises 2 issues. 1 a year to date Payslip won't show the bonus as it's a new tax year and 2 I don't actually get it until September.

They also said a p60 is no good?Although my p60 will only show my bonus from last year for £6,500.

I have been trying to get hold of the guy who has been dealing with it since midday. Sent him 2 emails and rung 4 times and heard FA back.

I'm getting a bit stressed with it all again as due to them issuing the mortgage promise we have had an offer accepted on a house and are now having to stall the solicitor until this gets sorted.

Any help or ideas would be great.

[scotal]

This isn't very helpful, but the Santander guy doesn't know his own lending criteria. Most lenders (Santander are one) will not accept a letter outlining a bonus unless you're talking city bonuses and mortgages large enough to deal with their large loans dept.

I take it that the 6.5k bonus already showing isn't deemed enough to get you the borrowing?

[Sarnie]

Abbey's bonus criteria is:

"Abbey for Intermediaries will accept 100% of bonus and overtime as long as it is on the latest 3 months payslips."

[theaxe]

I got my Santander mortgage through with the last two P60s showing bonuses...

[Sarnie]

theaxe said:

I got my Santander mortgage through with the last two P60s showing bonuses...

But the OP, I assume, is wanting to secure lending against a bonus that he hasn't had yet that is almost double last years bonus.

From Santander's point of view, his company could go bust, reduce the bonus payment or stop it all together. Very risky.

If you have got two P60's showing a bonus of equal amount or higher than you were stating then it shouldn't be a problem.

[scotal]

Off the record, underwriters believe that many of these letters are written by friendly managers helping their staff get mortgages, or by the applicants themselves.
I'm not suggesting thats true in this case, btw.