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  • FIRST POST
    • Krissy92
    • By Krissy92 9th Feb 18, 7:45 PM
    • 2Posts
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    Krissy92
    Variable pay every month and mortgage application
    • #1
    • 9th Feb 18, 7:45 PM
    Variable pay every month and mortgage application 9th Feb 18 at 7:45 PM
    Hi everyone.
    First time posting but have been reading the forum for a while. Going to see a mortgage advisor on Tuesday but hope I can get some answers beforehand.
    So basically I work as a restaurant supervisor on hourly rate (not salaried) and as so my pay check is different every month depending on the hours I!!!8217;ve worked and tips I!!!8217;ve received. My question here is how would the lender calculate the amount they could offer? Is it going to be avaraged from the last 3 payslips ( I am paid every 28 days) and then added up as a yearly figure or would it be better for me to wait till end of tax year in April and use P60?

    Thanks in advance!
    Last edited by Krissy92; 09-02-2018 at 7:58 PM.
Page 1
    • kingstreet
    • By kingstreet 9th Feb 18, 7:50 PM
    • 32,873 Posts
    • 17,706 Thanks
    kingstreet
    • #2
    • 9th Feb 18, 7:50 PM
    • #2
    • 9th Feb 18, 7:50 PM
    Probably average of latest six months payslips backed up by a P60 or two. If not, an employer's reference for contractual hours with anything above that taken as overtime, averaged and 50% taken.

    Different lenders take different approaches. A decent broker will establish the right way forward.
    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.
    • Krissy92
    • By Krissy92 9th Feb 18, 8:05 PM
    • 2 Posts
    • 0 Thanks
    Krissy92
    • #3
    • 9th Feb 18, 8:05 PM
    • #3
    • 9th Feb 18, 8:05 PM
    Thank you for the quick reply, kingstreet!
    I am contracted on 30 hours per week but have been doing between 40-45 for the last 5-6 months so would you think it will help if I ask my employer to change my contract to 40hrs/wk (he has done it for another employee before) in order to avoid having a big chunk of it declared as overtime on the application?
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