FTB Mortgage Multiples...Lie?!

BoredOfSavingNow

Hi

Im looking at getting a mortgage in principle from Natwest but I have issue with regards to wage multiples.

I earn £25000 basic...
However last year I was earning £23000 basic but my p60 was £36500 due to bonuses.

Mortgage companys (inc Natwest I beleive) will only give multiples of your basic which means Im struggling to get over £100,000

I really need at least £117,000 (I live in an expensive area not that Im after something out of my reach)

Can I say my wage is £36500 and provide a p60 to prove that or will they be checking other ways to see that isnt my basic?

Any helpmost appreciated....

Also 5.99% fixed for five years or 2? what do you think?

*David*

I would imagine that they will ask for your P60, 3 x pay slips and 3 x bank statements, I was asked for all this recently.

However, if you pay slips show that you do get regular overtime it may help. I think it is probably best to be up front about these things......

Good Luck

Peelerfart

Without getting into the rights and wrongs of what you propose
(there are others who probably will),what I would say is IMHO 5 years not 2,
else you would be paying arrangement fees again in 24 months.

FraudBuster

Check out:

The Fraud Act 2006

http://www.opsi.gov.uk/acts/acts2006/ukpga_20060035_en_1

_Andy_

Speak to a broker who can find you (without you lying/committing fraud) a lender that will take into account some of your bonus.

BoredOfSavingNow

_Andy_ wrote: »

Speak to a broker who can find you (without you lying/committing fraud) a lender that will take into account some of your bonus.

Yeah I have spoken to a broker but he was a bit rubbish and the brokers dont appear to have access to the 90% rates available. The decent 90 LTV rates all seem to be direct only.

LeeSouthEast

The safer alternative is to continue to be bored saving for a little longer. I doubt house prices will be going anywhere substantial in either direction for a while yet. (my opinion).

BoredOfSavingNow

FraudBuster wrote: »

Check out:

The Fraud Act 2006

http://www.opsi.gov.uk/acts/acts2006/ukpga_20060035_en_1

As you are Mr 'Fraud Buster' himself thought you could have highlighted the bit which says I would be doing something illegal! Cant be arsed to read the whole document!

Thanks anyway...

LeeSouthEast

BoredOfSavingNow wrote: »

As you are Mr 'Fraud Buster' himself thought you could have highlighted the bit which says I would be doing something illegal! Cant be arsed to read the whole document!

Thanks anyway...

Section 2.

BoredOfSavingNow

LeeSouthEast wrote: »

The safer alternative is to continue to be bored saving for a little longer. I doubt house prices will be going anywhere substantial in either direction for a while yet. (my opinion).

Living with rents, gotta move out by October, rather buy than rent again. So not in the mood for any more waiting around

_Andy_

BoredOfSavingNow wrote: »

Yeah I have spoken to a broker but he was a bit rubbish and the brokers dont appear to have access to the 90% rates available. The decent 90 LTV rates all seem to be direct only.

Ok well you need to establish, of the lenders you would be happy to go with, who takes what %age of bonuses and then declare the income accordingly / correctly / honestly.
You're going to have to provide 3 months paylslips anyway so the p60 plan isn't going to be viable.