Mortgage advice overtime

klloyd89 · 10 January 2018 at 7:35PM

Good evening

Looking for some advice I am looking to buy a property within a couple of years but struggling to find a bank to lend me enough money.
I am in a job that I can get as much overtime as possible up 84 hours a week if I really wanted it. But my question is when I apply for the mortgage could I do say 60 hours a week for 3 months prior to applying so my basic is 25k but with regular overtime make it look it like it up to around 38k a year?

How long will banks want proof of overtime and bank statements?

No_Credit_Expert · 10 January 2018 at 8:40PM

Would it not say on your payslip what your yearly income is/basic rate?

When they are calculating the mortgage I believe they look at the basic rate for affordability, you may have it made with overtime work right now but should circumstances change are you going to be able to afford a mortgage intended for someone on a 38k basic income?

I would say you need to look at either mortgages with a higher LTV, guarantor mortgages (if possible) or simply save a much bigger deposit to open more deals to you.:)

klloyd89 · 10 January 2018 at 9:20PM

My wage slip simply says how many hours worked and at what rate and I get paid the same rate for overtime

Mortgage_Adviser · 11 January 2018 at 10:12AM

There are lenders who would go with 3 months figures as you would wish and take 100% of those. You need a mortgage broker for this.

klloyd89 · 11 January 2018 at 2:49PM

Would they want more than 3 months of bank statements or would it be 3 months of them too?

Thrugelmir · 11 January 2018 at 7:03PM

klloyd89 wrote: »

Would they want more than 3 months of bank statements or would it be 3 months of them too?

You would need to declare what your basic salary is on the mortgage application form. Likewise the amount you earn in overtime.

Turning the question around. How much are hoping to borrow?

klloyd89 · 11 January 2018 at 9:21PM

Around 220k

I'm on 22.8k basic with £1.6k guaranteed shift allowance and doing the extra overtime over the 3 months if I were to do it permantly it would work out an extra 12k on overtime annually. We have 3 children so will have 2.4k child benefit and then wife gets 12k a year

Mortgage advice overtime

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free