Fast track mortgage

[highfive]

I had applied in person for a mortgage with my mortgage adviser from Countrywide. I have been approved for a fast track mortgage but he did not take any proofs of income or statements from me. Now that I have the certificate of this approval he has asked me to come down with my payslips and statements. He said it would be just for his records and he would just keep a photocopy after seeing the originals. My query is once the fast track mortgage has been approved can the decision change? Will he pass my documents to the bank or is it just for his records. I included some benefits and perks in my package when I initially gave him the figures. If he spots the gross which is less will he refuse my application? He mentioned there would be no further credit checks and all is done but I am still quite worried of now giving him documents which will show a different amount from what I gave him on my first visit. Please also enlighten me on what is a fast track mortgage exactly. Thank you

[Dav_Oak]

A fast track mortgage application is where the lender hasn't specifically asked for income proof for the applicant(s).

As a part of acting within the compliance guideline he must verify the income you declared on the original application. If he hasn't then your mortgage application can be cancelled and there is the possibility that the lender may request this before you complete.

You run the risk of paying broker, mortgage and solicitor fees for the mortgage lender to pull the offer.

Most benefits such as bonuses, overtime, etc can be included as part of your income however this does differ from lender to lender.

I would recommend you don't run the risk of "hoping for the best" and discuss your exact situation with a mortgage professional.

Either speak to a mortgage broker that has been recommended to you or get in touch and I can discuss it with you personally.

Hope this helps

[highfive]

Thanks. Thats what I am doing. In fact I am getting a joint mortgage sorted out. Thank you for your advise

[ComareTheMortgageMarket]

The fast track mortgage has happened due to your credit score and the amount of deposit you are going to put down against the property. You should be honest with your adviser about the actual gross income together with any bonus etc etc you get. You may still pass on the fasttrack, but I suspect the broker has to satisfy his own mind & network he works under to evidence your earnings.