Best lender / bank to go with for mortgage when CIS worker

[Hubbabubba2135]

Having a little trouble with mortgage

I have a salary

Husband is a CIS worker and gets his NI and tax paid

I know different lenders are better for things like this, which company may offer us the best deal ?

I've had a few clients who are CIS workers, to be honest a lot of lenders will allow this now they just have varying criteria as it's not a 1 size fits all scenario so may be worth speaking to a broker.

@Jade020993 thank you for your response

Also, could i please ask - do you know of my husbands tax rebate should also cole into consideration with his yearly income?

No, lenders wont use a tax rebate as a form of income.

As he is taxed at source you may find it easier with the mortgage as lenders sometimes consider this as employed (easier criteria to meet) if you need any help drop me a message

@Jade020993 thank you so much! We had a meeting last week which didn't really go to plan! But have another this week and hoping for a better outcome 🤞

You usually need 3 years worth of accounts for a mortgage.

@Jade020993

update- had appointment yesterday , went better than we thought to be honest!

Amount we can borrow went up slightly! but the lady did say there is potential for it to go up more if we do a mortgage application and this then gets passed to an underwriter (not really sure what this means?

anyone with advise or experience with an 'underwriter' for their mortgage , i would greatly appreciate any advice

thank you

So your decision in principle is the initial checks, the lender do a soft search to check that you meet there criteria and they do an affordability calculation to provide you with the figure you can borrow.

Once you submit an application a hard search is done, this is visible on your credit file to other lenders.

This is then passed to the underwriters who will check all the documents you provide to make sure they are happy with everything and it has been submitted correctly. The lender will also do a valuation of the property you intend to purchase to make sure it is suitable to secure the mortgage against.

The underwriters are basically there so a human has checked over all the documents and made sure there are no red flags.

Hope this helps but any other questions give me a shout. I'm a broker myself just so you don't think I've pulled all this off google 😂

@Jade020993 thank yo so much for this information, it is very helpful!

we have not put an offer on the house that we HOPE to get, as we are not sure if we can actually borrow the money for it.

The bank has said about doing the valuation on the property, are they still able to do this without us actually putting an offer in?

No, lenders don't allow you to submit an application until you have had an offer accepted as they need to know the property meets there criteria before an application is run.

@Jade020993 i did inform the lady yesterday that we had not put an offer in, and she had still suggested that we go ahead with the application to find out how much we can borrow, so I am now a little confused!

They won't do a full valuation yet but will take account your loan/value ratio. MOst valuations these days are a desktop excercise

Update, all final information was passed to my mortgage advisor last week for her to pass into the underwriter . We have had a few different amount that we can borrow put out to us.

When the mortgage adviser gave us our amount a few weeks ago, it was way below what we needed, but she did say they on her side it was showing we could potentially borrow more, hence why it's been passed to underwriter

Getting really stressed about it now!! We've accepted an offer on our house but can't go and further till we know how much we can definitely borrow

What are the chances of the underwriter saying we can borrow more ?

The mortage advisor seemed quite positive, we have plenty of disposable income every month, no credit cards, no store cards , no loans, no car finance etc

Any advise much appreciated if anyone has been throgub something similar