Mortgage Application Query

Mitten31

Hi All,

Quick question for those who have been through the application and draw down process - after you have been mortgage approved is there any follow up documents requested at draw down stage?
E.g. you provided 6 months bank statements at the time of application, is there a risk that the bank would request an up to date statement at drawn down stage or re-request an up to date salary cert? Has this happened to anyone?

Thanks

whiskeyman

From reading through the 'saving for a mortgage' thread, apparently some banks do.
I'd say it'd be more statements they'd review... I doubt a salary cert would be required again.

If you received a gift of money, you will probably need a deed of confirmation prior to drawdown.
You can get to letter of offer up to this point.

To be honest, try and keep everything on the straight and narrow until all is signed.

Mitten31

Thanks,

Without getting In to too much detail I guess we are going to find away of not disclosing the full extent of our childcare costs while applying, if you know what I mean. I'd hate to have them eovered off for 6 months, revert to our current away after we have approval and then get caught out....

Tasden

Mitten31 wrote: »

Thanks,

Without getting In to too much detail I guess we are going to find away of not disclosing the full extent of our childcare costs while applying, if you know what I mean. I'd hate to have them eovered off for 6 months, revert to our current away after we have approval and then get caught out....

I could be wrong but I think not disclosing is fraud. I don't know for sure but I would imagine it is.

intheclouds

Mitten31 wrote: »

Thanks,

Without getting In to too much detail I guess we are going to find away of not disclosing the full extent of our childcare costs while applying, if you know what I mean. I'd hate to have them eovered off for 6 months, revert to our current away after we have approval and then get caught out....

This is a really silly idea.

The stress tests are there for a reason.

Besides the silliness of this idea I think its probably fraud?

ThisRegard

Your childcare costs will reduce as they get older too. Won't they see payments or direct debits leaving an account, or are you paying cash?

macsauce

Tasden wrote: »

I could be wrong but I think not disclosing is fraud. I don't know for sure but I would imagine it is.

I don't see how structuring your childcare costs in such a way that no payment is contained on the six month statements submitted amounts to fraud. I think that's called being economical with the truth, but not fraud. I am open to correction though.

Mitten, my application as me to state my outgoings against a number of criteria. I would review how your application (if you took a copy) and try to ensure that your statements at the time of draw down reflect what is on your application.

The information on the application does not bind you to those financial arrangements. There is nothing to stop you making new childcare arrangements after draw down.

Yourmama

Yes. I was asked for salary cert one more time. Statement wasn't requested because I was banking with them anyway so they could check it without asking me.

Edit: I think it was actually approval in principle once and the again before actual approval and not the draw down.

SarahMollie

I was asked for multiple documents more than once as the process from original approval, finding a place, going sale agreed and then completing took about 8-9 months in total.

Tasden

macsauce wrote: »

I don't see how structuring your childcare costs in such a way that no payment is contained on the six month statements submitted amounts to fraud. I think that's called being economical with the truth, but not fraud. I am open to correction though.

Mitten, my application as me to state my outgoings against a number of criteria. I would review how your application (if you took a copy) and try to ensure that your statements at the time of draw down reflect what is on your application.

The information on the application does not bind you to those financial arrangements. There is nothing to stop you making new childcare arrangements after draw down.

If they ask outright for your outgoings and you don't disclose them that is failure to disclose and that would be the fraud (not being economic with the truth in bank statements), I would imagine, like I said I don't know the law. If they ask outright for the cost of childcare on the form and the answer given is not the honest answer, again that is what I would imagine is fraud. Not the messing around with direct debits so the statements are in line with the omission/lie.

Also, as an aside, it is that kind of thinking- "only moving around some figures/economical with the truth" etc that has added to the crisis we are in. There is a reason they ask these questions and have these tests. Trying to get around them is just causing more problems down the line- saying oh but it's only for x y and z reason and it's only a small loan means nothing if thousands of people are doing the same thing every day and thinking it's OK cause technically it's not fraud.