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  • FIRST POST
    • alexandria777
    • By alexandria777 12th Sep 17, 3:33 PM
    • 2Posts
    • 0Thanks
    alexandria777
    Quick Question
    • #1
    • 12th Sep 17, 3:33 PM
    Quick Question 12th Sep 17 at 3:33 PM
    Hi there,
    Just had to rejoin from ages ago as I can't remember my password.
    Can someone quickly remind me if mortgage companies generally use your gross or net salary when they are calculating how much you can borrow?
    thanks very much
Page 1
    • stu2500
    • By stu2500 12th Sep 17, 3:46 PM
    • 126 Posts
    • 17 Thanks
    stu2500
    • #2
    • 12th Sep 17, 3:46 PM
    • #2
    • 12th Sep 17, 3:46 PM
    Hi there,
    Just had to rejoin from ages ago as I can't remember my password.
    Can someone quickly remind me if mortgage companies generally use your gross or net salary when they are calculating how much you can borrow?
    thanks very much
    Originally posted by alexandria777
    Gross on affordability calculators then take all deductions/outgoings in to consideration (that's my recent experience).
    • kingstreet
    • By kingstreet 12th Sep 17, 3:49 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    • #3
    • 12th Sep 17, 3:49 PM
    • #3
    • 12th Sep 17, 3:49 PM
    Gross annual basic.

    A percentage of gross annual overtime/bonus/commission (an average taken over an acceptable period) which varies from lender to lender.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • alexandria777
    • By alexandria777 12th Sep 17, 4:14 PM
    • 2 Posts
    • 0 Thanks
    alexandria777
    • #4
    • 12th Sep 17, 4:14 PM
    • #4
    • 12th Sep 17, 4:14 PM
    thank you both very much... is it still about 3.5 times the salary and i wonder how long you have to have been in a certain job to use your income from it..? i know these are basic questions but this seems like a good place to quickly ask. thank you very much
    • kingstreet
    • By kingstreet 12th Sep 17, 4:29 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    • #5
    • 12th Sep 17, 4:29 PM
    • #5
    • 12th Sep 17, 4:29 PM
    There are no income multiples. You need to use lender affordability calculators, entering your personal data to get the right results.

    Time in employment varies from lender to lender. There are some requiring six months, others will accept you with a job offer and a start date.

    It sounds like you should be talking to a broker sooner, rather than later.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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