Mortgage lender requesting P60

chrissyl4445

Hi there, just wanted some advice pls.......

We have a mortgage application going through with the Halifax and they have come back to say they want a copy of our P60s for 2007/08.

Can anyone tell me the reason they want this? Is it to prove how much we earn? They have payslips etc.

The only reason I'm concerned is that for the first 3mths of the tax year 07/08 I was on unpaid leave as I was given time off to go travelling so my P60 isn't going to correspond with how much I now earn. I've been with my employer for 8yrs even though I took 9mths unpaid leave from Sept 06-June 07. My employer could confirm that I was still employed on a full time contract.

Do you think this is going to matter? Will it affect how much they offer us or even cause them to decline our application? My new P60 will be here in a couple of weeks so I could give them that as well. I've been back in paid employment since July 07.

Just panicking now, so thanks in advance for any advice!

benjo

I dont know the full answer to your questions, but if you are going to send in that P60, send it with a covering letter explaining why it doesnt match your stated income and include a letter supporting this from your employer - it will certainly save any delays if the lender wants supporting information at a later date.

dunstonh

Can anyone tell me the reason they want this? Is it to prove how much we earn? They have payslips etc.

Almost certainly it is to check for consistency of income. Your payslips may cover a limited period but if you are in a profession/job that is known to have variable income then they could be looking to see how consistent the pay is as an average.

Do you think this is going to matter?

You will have to ask your mortgage adviser as it would depend on how much you are pushing the limits of underwriting.

Will it affect how much they offer us or even cause them to decline our application?

Again, you will have to ask your mortgage adviser as it depends on your overall scenario and how strong a case you have. Decline is obviously a potential outcome.

My new P60 will be here in a couple of weeks so I could give them that as well.

That isnt that important as the February (and March payslip depending on when you are paid) will give them a running total.

The best thing to do is what benjo says. Pass it to them with a covering note explaining it or tell your mortgage adviser and get them to document it.

naijapower

well, i agree with all the advise mentioned so far. Send your P60 with a covering letter to save any delays. The worst that can happen is that lender can seek for an employer reference. You can beat them to it by including a reference in advance. But of course they may chose to verify the reference themselves

chrissyl4445

Thank you all for your replies!

I've followed your advice and have asked my employer to write me a reference and to state that I took the unpaid leave 2yrs ago.

I have worked for the Local Government since 2001 in a full-time permanent monthly paid position and my partner is a Soldier so I don't think our jobs would be classed as having a variable income... and surely me going travelling over 2yrs ago won't stop us getting a mortgage!

I just want to be on the safe side though and I really appreciated your help!