Mortgages with Sarnie
Discussion
Badda said:
Du1point8 said:
Thank you Sarnie for the 2 mortgages that just took 7 months from start to finish.
Finally in the new place, cant believe I contacted you in Feb about this one.
7 months! Jesus. Finally in the new place, cant believe I contacted you in Feb about this one.
Just lenders arsing around and then the management company solicitors dicking around with a contagious disease clause and refusing to not enforce it during COVID.
Due to their refusal, we took nearly 3 weeks to get the lenders legal team involved... then they came back and agreed to not enforce... FFS.
Then a lot of time of mortgages being removed, the % rates constantly changing, etc.
Hi there. I wonder if anyone can advise please. We have applied for a mortgage with Accord and provided proof of our 2019 and 2020 bonuses. They are now asking for a letter from our employers stating estimated 2021 bonuses. Our employers are reluctant to provide this, given the climate. Does anyone know a way around this, or have any ideas or suggestions please?
Lozw86 said:
Hi there. I wonder if anyone can advise please. We have applied for a mortgage with Accord and provided proof of our 2019 and 2020 bonuses. They are now asking for a letter from our employers stating estimated 2021 bonuses. Our employers are reluctant to provide this, given the climate. Does anyone know a way around this, or have any ideas or suggestions please?
What is your broker suggesting?Sarnie said:
What is your broker suggesting?
He advised that an email from a line manager stating expected bonus would be acceptable. I have requested that my line manager provide this and am awaiting a response. I have emphasised that it is expected and not confirmed. I presume there is no liability if the actual bonus awarded is less than stated? My bonus is awarded at the end of January and my partners not until April, so we will lose this house and possibly the mortgage deal if we wait. I honestly expect to get a bonus close to last year in valueAny other avenues worth exploring? It's most annoying as we have overcome several hurdles to get to where we are
Edited by Lozw86 on Thursday 5th November 16:50
Lozw86 said:
Sarnie said:
What is your broker suggesting?
He advised that an email from a line manager stating expected bonus would be acceptable. I have requested that my line manager provide this and am awaiting a response. I have emphasised that it is expected and not confirmed. I presume there is no liability if the actual bonus awarded is less than stated? My bonus is awarded at the end of January and my partners not until April, so we will lose this house and possibly the mortgage deal if we wait. I honestly expect to get a bonus close to last year in valueAny other avenues worth exploring? It's most annoying as we have overcome several hurdles to get to where we are
Edited by Lozw86 on Thursday 5th November 16:50
Lozw86 said:
Hi there. I wonder if anyone can advise please. We have applied for a mortgage with Accord and provided proof of our 2019 and 2020 bonuses. They are now asking for a letter from our employers stating estimated 2021 bonuses. Our employers are reluctant to provide this, given the climate. Does anyone know a way around this, or have any ideas or suggestions please?
Unfortunately it's that very climate that they will be asking for evidence of it. Assuming that the mortgage wouldn't be affordable without the bonuses? Are the bonuses guaranteed?
No the bonuses are not guaranteed, but I have received the full 10% of annual salary for the past 10 years and am fairly confident we will receive them this year too
We can easily afford the monthly payments without bonuses. The bonuses are being used to make up our total combined annual income, against which are hoping to borrow ~x4.2.
We can easily afford the monthly payments without bonuses. The bonuses are being used to make up our total combined annual income, against which are hoping to borrow ~x4.2.
Lozw86 said:
He advised that an email from a line manager stating expected bonus would be acceptable. I have requested that my line manager provide this and am awaiting a response. I have emphasised that it is expected and not confirmed. I presume there is no liability if the actual bonus awarded is less than stated? My bonus is awarded at the end of January and my partners not until April, so we will lose this house and possibly the mortgage deal if we wait. I honestly expect to get a bonus close to last year in value
Any other avenues worth exploring? It's most annoying as we have overcome several hurdles to get to where we are
There is no magic wand that doesn't involve either providing the lender with what they have requested or moving the application to another lender.......Any other avenues worth exploring? It's most annoying as we have overcome several hurdles to get to where we are
Edited by Lozw86 on Thursday 5th November 16:50
Lozw86 said:
No the bonuses are not guaranteed, but I have received the full 10% of annual salary for the past 10 years and am fairly confident we will receive them this year too
We can easily afford the monthly payments without bonuses. The bonuses are being used to make up our total combined annual income, against which are hoping to borrow ~x4.2.
If Accord have asked for confirmation from your employer then they obviously are not happy to lend against your bonus income without it, therefore if you can't provide it, I would expect them to remove your bonus income from the affordability calcs which will lower your loan amount.......We can easily afford the monthly payments without bonuses. The bonuses are being used to make up our total combined annual income, against which are hoping to borrow ~x4.2.
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