WARNING by forrests

VIEWS: 57 PAGES: 11

									WARNING:
This document can sometimes omit rows of information when printed. After printing, please check the information at the bottom of each page with the information at the top of the subsequent page, against the information on the screen to see if there is any missing from the print out.

PRODUCT SEARCH PART 1 of 8 MISC
AGE ARE YOU A FIRST TIME BUYER? ARE YOU AN EXISTING HOMEOWNER? ARE YOU PREMANENTLY RESIDENT AND WORKING IN THE UK AND PAYING TAX? NATIONALITY

PRODUCT SEARCH PART 2 of 8 HOW MUCH DEPOSIT AND LOAN AMOUNT
TYPE OF MORTGAGE YOU REQUIRE (eg BUY-TOLET) IF BUY TO LET, OR LETTING YOUR EXISTING HOME, WILL THE SURVEYOR BE ABLE TO CONFIRM THE RENTAL INCOME EXCEEDS THE MORTGAGE PAYMENTS AND IF SO, BY HOW MUCH (%) (BTL) IF YOU HAVE BEEN ADVISED THAT THE PROPERTY WILL LET FOR MORE THAN THE MORTGAGE PAYMENTS WILL BE BUT THE SURVEYOR CAN'T CONFIRM THIS, IS THERE ANYONE ELSE OFFICIAL WHO CAN? LOAN-TO-VALUE REQUIRED - APPROXIMATE ROUNDED-UP-TO FIGURE AMOUNT OF LOAN REQUIRED PURCHASE PRICE

PRODUCT SEARCH PART 3 of 8 YOUR INCOME & PROOVING YOUR INCOME
ARE YOU SELF EMPLOYED OR SELF CERTIFYING

YOUR INCOME? EMPLOYMENT STATUS PAYE BASIC INCOME PAYE BONUS TOTAL INCOME INCLUDING BONUS WHAT PROOF OF INCOME DO YOU HAVE AVAILABLE? DO YOU HAVE LAST 3 MONTHS' BANK STATEMENTS AVAILABLE? CAN WE CONTACT YOUR EMPLOYER FOR A WRITTEN OR VERBAL REFERENCE? CAN WE CONTACT YOUR EMPLOYER FOR PROOF OF RE-LOCATON (if applicable)? GROSS INCOME FOR THE PERIOD 6 APRIL 2006 to 5 APRIL 2007 GROSS INCOME FOR THE PERIOD 6 APRIL 2005 to 5 APRIL 2006

PRODUCT SEARCH PART 4 of 8 ABOUT YOUR CREDIT HISTORY
ANY ADVERSE CREDIT? - including late and/or missed payments ARE THERE ANY DEFAULTS OR ANY OTHER ADVERSE CREDIT CHOWING ON YOUR CREDIT REPORT? DO YOU KNOW HOW MANY ACTIVE CREDIT ACCOUNTS ARE CURRENTLY SHOWING ON YOUR CREDIT REPORT? DO YOU KNOW HOW MANY NON-ACTIVE (SATISFIED or DORMANT) CREDIT ACCOUNTS ARE CURRENTLY SHOWING ON YOUR CREDIT REPORT? DO YOU KNOW IF YOUR HOME MORTGAGE IS SHOWING ON YOUR CREDIT REPORT? How many bank accounts do you have? How many bank accounts are showing on your credit report? (if known) How many UN-secured credit accounts (UNsecured loans, credit cards, store cards) do you have? - including mobile phones, subscriptions or catalogues How many UN-secured credit accounts are showing on your credit report? (if known) ARE YOU ON THE ELECTORAL ROLL 2007? ELECTORAL ROLL 2004-2006? IF 'NO' THEN DO YOU HAVE PROOF OF RESIDENCIES FOR EACH OF THE YEARS 2004,

2005, 2006 and 2007?

PRODUCT SEARCH PART 5 of 8 OTHER MORTGAGE AND FINANCE APPLICATIONS PENDING
OTHER BUY TO LET APPLICATIONS CURRENTLY BEING PROCESSED OTHER MAIN RESIDENCE APPLICATIONS CURRENTLY BEING PROCESSED ANY DIPS OR FULL MORTGAGE APPLICATIONS FOR BUY TO LET MORTGAGES WHICH YOU HAVE MADE, BUT ARE NOT PROCEEDING? WHAT OTHER CREDIT PRODUCTS HAVE YOU APPLIED FOR RECENTLY? eg credit cards

PRODUCT SEARCH PART 6 of 8 THE TYPE OF PROPERTY YOU WANT TO PURCHASE
TYPE OF PROPERTY YOU INTEND TO PURCHASE detached/ semi/ terrace/ purpose built flat/ converted flat/ flat over shop/ maisonette/ studio/ flat over 4 storeys/ is there likely to be any lending restrictions ie ex-local authority YEAR BUILT TENURE – freehold/leasehold/commonhold HOW MANY FLOORS IS THE PROPERTY YOU ARE BUYING

PRODUCT SEARCH PART 7 of 8 INCENTIVES
INCENTIVES FROM SELLER/VENDOR (eg Cashbacks/Vendor's Gifts) ARE YOU BUYING FROM A RELATIVE?

PRODUCT SEARCH PART 8 of 8 THE MORTGAGE YOU REQUIRE
EMMA FRANKLIN

WHAT ARE THE MOST IMPORTANT FACTORS YOU WOULD LIKE US TO TAKE INTO CONSIDERATION WHEN WE SOURCE THE MORTGAGE FOR YOU? (for example: keeping the redemption penalties as low as possible, keeping the payments as low as possible, keeping the deposit as low as possible/LTV as high as posible, minimising the risk of the lender requiring further documentation after submission of the Full Application)? Would you prefer a lender who underwrites as soon as they receive the first document they require, rather than wait until they have everything before starting to look at the case? If yes, please state how important this is. HOW IMPORTANT IS IT TO YOU THAT THIS IS PROCESSED QUICKLY? TYPE OF PAYMENT DO YOU WANT FIXED, TRACKER OR STANDARD VARIABLE? REPAYMENT METHOD - eg Interest Only followed by repayment at the end of the term DOES IT MATTER WHETHER THERE ARE REDEMPTIONS, HIGHER LENDING CHARGES OR APPLICATION FEES WITH THE PRODUCT?

WHICH OF THE FOLLOWING LENDERS DO YOU THINK YOU WOULD LIKE YOUR BROKER TO APPROACH? (choose from the list below)
ABBEY - 3 ACCORD - 7 BIRMINGHAM MIDSHIRES - 2 BANK OF SCOTLAND/HALIFAX - 3B BRISTOL AND WEST - 4 CHELTENHAM AND GLOUCESTER - 1 FIRST NATIONAL - 8 FUTURE - 9 ROYAL BANK OF SCOTLAND - 5 TMB - 3A ANY OTHER HIGH STREET LENDER NOT MENTIONED ABOVE (ie Barclays, HSBC) - 6

AUTOMATIC CREDIT SCORING SYSTEMS

Some lenders decline applications ''based on a low credit score'' even if you don't have any adverse credit. Other lenders still accept low credit score customers but will restrict their lending amount or loan to value. Please assist your broker finding the correct lenders to approach by selecting one of the following:1. I have had existing credit commitments for some time and never missed any payments 2. I only have a small amount of credit and am therefore likely to be classed as a ''low credit score'' customer 3. I have no credit commitments and am therefore likely to be classed as a ''low credit score'' customer Plerase choose your preferred method of being assessed for your eligibility 1. I am happy with you approaching lenders who decline outright based on ''low credit score'' and don't offer an alternative product as a substitute 2. I am not willing to risk being credit scored and straight-declined as I understand that this could result in multiple searches which will affect my credit. Therefore I only want you to approach lenders who will offer me alternatives if they are not able to give me the exact product I am looking for (ie. I ask for 95% and the lender comes back with a decline on 95% due to low credit score, but an accept on 90%)

PERSONAL INFORMATION
ENTYRY DATE TITLE FIRST NAME SECOND FORENAME SURNAME DATE OF BIRTH NATIONAL INSURANCE NUMBER TOWN OF BIRTH MARITIAL STATUS ie married/ single/ divorced/ separated/ widowed/ cohabitant/ intend to marry NUMBER OF DEPENDENTS PRESENT ADDRESS DATE MOVED TO PRESENT ADDRESS TEL - HOME

TELEPHONE - WORK TELEPHONE - MOBILE IS IT OK TO CALL YOU AT WORK? E-MAIL HOMEOWNER / LA RENTING / PRIVATE RENTING / LIVING WITH PARENTS / LIVING WITH RELATIVES OR FRIENDS PREVIOUS ADDRESS - IF AT CURRENT ADDRESS FOR LESS THAN 3 YEARS TIME AT PREVIOUS ADDRESS - IF AT CURRENT ADDRESS FOR LESS THAN 3 YEARS 2ND PREVIOUS ADDRESS - IF AT CURRENT ADDRESS FOR LESS THAN 3 YEARS TIME AT 2ND PREVIOUS ADDRESS - IF AT CURRENT ADDRESS FOR LESS THAN 3 YEARS ARE YOU A SMOKER?

FSA - YOUR OBJECTIVES
PRIMARY OBJECTIVE – first time buyer/ house purchase/ further advance/ additional property/ right to buy/ shared ownership or homestake/ remortgage SECONDARY OBJECTIVE – debt consolidation/ capital raising/ lower interest rate/ lower payment/ change lenders/ add or remove an owner IF INTEREST ONLY, HOW DO YOU INTEND TO REPAY YOUR INTEREST ONLY LOAN – equity within property/ sufficient current investments/ sufficient future investments/ lump sum of money DO YOU WANT INTEREST, REPAYMENT OR ENDOWNMENT MORTGAGE? VARIABLE OR FIXED? REASON BEHIND REPAYMENT METHOD - IF INTEREST ONLY (eg keeps payments lower, savings over period of loan will pay off the mortgage in one lump sum) HOW LONG DO YOU WANT THIS PRODUCT FOR? RECENT OR ANTICIPATED CHANGES TO INCOME OR EXPENDITURE LIKELIHOOD OF OVERPAYMENTS LOOKING TO MOVE IN THE FORSEEABLE FUTURE? IF SO, WHEN? WHEN WOULD YOU LIKE YOUR MORTGAGE TO END (REPAYMENT)

FSA - YOUR EXPENDITURE v INCOME
NET MONTHLY INCOME (based on your worst month of the last 12 months) MONTHLY PAYMENT - RENT MONTHLY PAYMENT - HOME MORTGAGE MONTHLY PAYMENT - BUY TO LET MORTGAGES TO BE COUNTED IN CASE OF VOID PERIOD COUNCIL TAX ELECTRICITY GAS WATER SKY GYM PHONE BUILDINGS INSURANCE FACTORING INSURANCE CONTENTS INSURANCE CAR INSURANCE COMBINED INCOME PROTECTION + LIFE INSURANCE LIFE/CRITICAL/UNEMPLOYMENT/SICKNESS TRAVEL LEISURE CLOTHES CREDIT COMMITMENTS TOTAL MONTHLY EXPENDITURE DISPOSABLE INCOME (based on your worst month of the last 12 months)

MY CALCULATION OF MORTGAGE PAYMENT AFFORDABILITY IS AS FOLLOWS:
MY DISPOSABLE INCOME (IF ENQUIRING ABOUT A BUY TO LET OR A CHANGE OF MAIN RESIDENCE MORTGAGE) BUY TO LET/CHANGE OF MAIN RES ENQUIRY:DURING VOID PERIODS, MY DISPOSABLE INCOME AS SHOWN ABOVE WILL COVER THE INTEREST PAYMENTS ON THIS NEW MORTGAGE OF:... (BASED ON 7.5%)

FSA - INSURANCE FOR THIS MORTGAGE
WHO IS YOUR BUILDINGS INSURANCE WITH (existing home) WHO IS YOUR LIFE INSURANCE ETC WITH (existing home) FOR THE MORTGAGE YOU ARE ABOUT TO TAKE OUT, HOW DO YOU INTEND FOR THIS MORTGAGE TO BE REPAID IN EVENT OF DEATH OR SERIOUS ILLNESS? . . .OR IF YOU WERE TO BE MADE REDUNDANT OR BE OFF WORK DUE TO ACCIDENT OR SICKNESS? FOR THE MORTGAGE YOU ARE ABOUT TO TAKE OUT, WHAT PLANS FOR BUILDINGS INSURANCE DO YOU HAVE IN PLACE? FOR THE MORTGAGE YOU ARE ABOUT TO TAKE OUT, WHAT PLANS FOR CONTENTS INSURANCE DO YOU HAVE IN PLACE? WOULD YOU LIKE TO RECEIVE ANY ILLUSTRATIONS FOR ANY PROTECTIONS?

ABOUT YOUR MAIN BANK ACCOUNT
WHO IS YOUR MAIN BANK WITH DO YOU HAVE A CHEQUE GUARANTEE CARD? DO YOU HAVE AN OVERDRAFT FACILITY? OVERDRAFT LIMIT OVERDRAFT AMOUNT OUTSTANDING WHEN DID YOU OPEN YOUR BANK ACCOUNT?

ABOUT YOUR EXISTING MAIN MORTGAGE OR MAIN SECURED COMMITMENT
TYPE OF COMMITMENT MARKET VALUE OF EXISTING MAIN RESIDENCE (REGULATED) PROPERTY OUTSTANDING MORTGAGE AMOUNT VALUE OF PRODUCT WHICH FINANCE IS SECURED ON - IF NOT YOUR MAIN RESIDENCE

AMOUNT OUTSTANDING LENDER'S NAME MONTHLY PAYMENTS (possible duplicate of FSA question above) START DATE OF LOAN END DATE OF LOAN ACCOUNT NUMBER LENDER'S ADDRESS TELEPHONE

IF YOUR MAIN SECURED COMMITMENT IS A HOME MORTGAGE
IF YOU ARE PLANNING ON LETTING OUT YOUR EXISTING HOME AND TAKING OUT ANOTHER MORTGAGE FOR A NEW HOME THEN HOW MUCH RENTAL INCOME WILL YOU RECEIVE ON YOUR EXISTING PROPERTY? ARE YOU ABLE TO HAVE THIS FIGURE CONFIRMED IN WRITING BY A SURVEYOR? ARE YOU ABLE TO HAVE THIS FIGURE CONFIRMED IN WRITING BY A LETTING AGENCY? TO BE PAID ON OR BEFORE COMPLETION OF THE MORTGAGE YOU ARE CURRENTLY APPLYING FOR? PURPOSE OF THIS LOAN/MORTGAGE YOU ARE CURRENTLY PAYING TYPE OF PROPERTY YOU OWN (IF THIS EXISTING LOAN IS FOR A PROPERTY) ADDRESS OF PROPERTY (in case lender wants to run a credit search at that address too) (duplicate of question asked earlier) IF BUY-TO-LET, HOW MUCH IS THE RENTAL INCOME YOU ARE RECEIVING? RENEWAL DATE FOR CONTENTS INSURANCE POLICY AMOUNT OF COVER IN PLACE FOR LIFE INSURANCE AMOUNT OF COVER IN PLACE FOR ACCIDENT, SICKNESS AND UNEMPLOYMENT AMOUNT OF COVER IN PLACE FOR CRITICAL ILLNESS TYPE OF MORTGAGE YOU CURRENTLTY HAVE - eg fixed, tracker INTEREST RATE END DATE FOR THIS RATE

INTEREST ONLY OR REPAYMENT ANY EARLY REPAYMENT CHARGES PERIOD THAT EARLY REPAYMENT CHARGE WILL END

OTHER SECURED COMMITMENTS eg CAR FINANCE, BUY-TO-LET MORTGAGES
TYPE OF COMMITMENT

UNSECURED COMMITMENTS
TYPE OF COMMITMENT

EMPLOYMENT
NAME AND ADDRESS OF EMPLOYER (OR TRADING ADDRESS IF SELF EMPLOYED) OCCUPATION WHO DO WE CONTACT FOR A FINANCIAL REFERENCE? TELEPHONE FAX PAYROLL NUMBER EMPLOYED SHAREHOLDING OF BUSINESS PERMANENT POSITION? START DATE OF WORK ARE YOU RELATED TO YOUR EMPLOYER? EMPLOYER'S (OR YOUR BUSINESS' IF SELF EMPLOYED) PAYE REFERENCE NUMBER EMPLOYER'S (OR YOUR BUSINESS' IF SELF EMPLOYED) ACCOUNTS OFFICE REFERENCE NUMBER EMPLOYER'S (OR YOUR BUSINESS' IF SELF EMPLOYED) TAX OFFICE

ACCESS FOR VALUATION
WHO SHOULD BE CONTACTED TO GAIN ACCESS FOR VALUATION PURPOSES?

YOUR SOLICITOR'S DETAILS
NAME AND ADDRESS OF FIRM POSTCODE NAME OF PERSON ACTING TEL FAX DX E-MAIL

DIRECT DEBIT
NAME AND ADDRESS OF BANK FOR DIRECT DEBIT PAYMENTS NAME OF ACCOUNT HOLDER SORT CODE AND ACCOUNT NUMBER PREFERRED PAYMENT DATE

END


								
To top