Cert of income from employer for mortgage approval

[Jolly Man]

Hi guys,

Was just wondering is there one standard form for this rather than going to my boss with 5 or 6 different forms from each bank? In yer opinion is it easier to just go to a mortgage broker or go to the banks seperately?

 

[al2000]

Hi Jolly Man,
My experience was through a broker[a company reccomended by my workplace], found it easier to deal with.
They took one copy of all our documentations/forms etc, so we didn't have to deal with a few different banks.
As regards cert of income, I just got a letter from my employer and that did the job.

 

[Satanta]

As regards cert of income, I just got a letter from my employer and that did the job.

I'd presume once it's on company headed paper with a relevant contact name and details (manager/HR/etc.) for verification then that should be fine.

 

[Sarah W]

With the exception of the EBS and BoS - both of whom require their own certs to be completed - lenders will accept a generic brokers salary certificate or employers letter as long as it contains the following information;

1. Company name, address and telephone number.
2. Employees name, job title and length of service.
3. Basic salary and any additional income (bonus, overtime, etc and whether it is guaranteed, regular or irregular).
4. Confirmation that the posistion is permanent and that any probationary period has been completed.

The letter must be stamped and signed on behalf of the employer.

Sarah

www.rea.ie

 

[ClubMan]

Are certificates of earnings required for approval in principle or just for actually getting the mortgage? If it's the latter then surely only one form/letter is needed - i.e. for the lender that you ultimately go with?

 

[dv8]

hi Clubman, salary certs are required for the AIP stage which is one of the major stages of obtaining a mortgage - hope I'm not stating the obvious here but anyway. You are right about the 1 form/cert though. Brokers will usually just forward copies of this to the banks & BS's. In relation to EBS & BOS however, I used to work for a wholesale broker agency and their generic salary cert was acceptable to these institutions. Hope this helps.

 

[Jolly Man]

Thanks guys thats great, its for approval in principal, looking for best deals value check who will actually lend us the money and so on. Is it leaving it very late to be just organising all this now, when i am due planning next Tuesday?

 

[al2000]

Hi,
As Satanta/Sarah W, say, it was official headed company paper stating permanent position, salary, bonus etc.... also payslips.

 

[ClubMan]

hi Clubman, salary certs are required for the AIP stage which is one of the major stages of obtaining a mortgage - hope I'm not stating the obvious here but anyway.

I was pretty sure that c. 10 years ago I got AIP from more than one lender without any certificate of income and only needed this when going with the lender that I chose in the end but it's a long time ago and I could have been mistaken...

 

[liteweight]

I was pretty sure that c. 10 years ago I got AIP from more than one lender without any certificate of income and only needed this when going with the lender that I chose in the end but it's a long time ago and I could have been mistaken...

We did this 18 months ago and it was the same story. AIP straight away with proviso that documentation would be supplied at a later date.

 

[lmd]

With the exception of the EBS and BoS - both of whom require their own certs to be completed - lenders will accept a generic brokers salary certificate or employers letter as long as it contains the following information;

1. Company name, address and telephone number.
2. Employees name, job title and length of service.
3. Basic salary and any additional income (bonus, overtime, etc and whether it is guaranteed, regular or irregular).
4. Confirmation that the posistion is permanent and that any probationary period has been completed.

The letter must be stamped and signed on behalf of the employer.

Sarah

www.rea.ie

It's not necessary for the probationary period to be completed for approval from all banks. Although my job is permanent the probationery period is one year which won't be complete until December, but there are a few banks who have given us approval on the strength that the job is permanent - though there are some banks (PTSB) who would not!