pay varies monthly causing issues with mortgage application.
ozmusafir
Posts: 44
Forumite
I have two jobs and one of my jobs involves working in a supermarket. I'm applying for a mortgage and the supermarket payslip has been flagged up due to variations in pay which vary between a couple of pounds. I have quizzed my manager regarding the issue because I work contract hours with no overtime, however, he wasn't able to answer why it varies monthly. I'm not able to provide my IFA with a satisfactory answer. Does that mean, I can't get a mortgage?
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Comments
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Presumably it varies depending on how many days in the month?
Who is the lender?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you are contracted to work say 3 hours per M-F and are paid monthly then your pay will likely differ month to month as there are a different number of week days in a month, the same if you only work weekends. You need to understand how you are paid.0
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Presumably it varies depending on how many days in the month?
Who is the lender?
I'm paid monthly, therefore it varies every month.
on a Saturday I work 4 hours (take 15 min break )
sunday i work 8 hours (take 30 min break)
the break is unpaid.
on the sunday i earn time and a half.
on my payslip my contract hours are 11.25 and hourly pay is £7.621.
The lender is halifax0 -
I'm paid monthly, therefore it varies every month.
on a Saturday I work 4 hours (take 15 min break )
sunday i work 8 hours (take 30 min break)
the break is unpaid.
on the sunday i earn time and a half.
on my payslip my contract hours are 11.25 and hourly pay is £7.621.
The lender is halifax
Is that not your answer then?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I realise this is not the case, but just to keep it simple, if you worked Monday to Friday and there were 28 days in a month and the 1st of the month was a Saturday, you would work 20 days in the month.
If there were 31 days in the month and you worked Monday to Friday with the 1st being a Saturday you would work 21 days in the month.
Yours is a little more complicated as your shifts can vary in days and pay rates, but the theory is the same. Your monthly income will vary.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I realise this is not the case, but just to keep it simple, if you worked Monday to Friday and there were 28 days in a month and the 1st of the month was a Saturday, you would work 20 days in the month.
If there were 31 days in the month and you worked Monday to Friday with the 1st being a Saturday you would work 21 days in the month.
Yours is a little more complicated as your shifts can vary in days and pay rates, but the theory is the same. Your monthly income will vary.
Thank for a simplified explanation but this has confused the life out of me. Due to the discrepancy, how do I go about resolving it with the lender?0 -
I can not tell you what to tell the lender as I do not know the answer 100%, but this seems the only logical answer.
You could speak to your HR department and ask them to explain why it varies?
Pull out a calender for the last 2 months.
Write down every day you worked, your hourly pay for the day, the number of hours you worked and the pay for the day.
Do that every day for a month and total it up.
Then do the same again for the next month.
Maybe that will help you to see how/why it differs.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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Halifax hate variation in pay slips, or banked pay not matching payslip.
We had a client this year under £4 net out on nearly £6K due to a clerical error and that was an issue we needed to manage.
Quite simply this is something for your IFA to sort - that is what they are being paid for.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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