Declaring salary when applying for a loan

rollins_2

Hi,

I am planning to apply for a loan next month and was wondering if loan companies/banks only accept your base salary when considering your eligibility for a loan? I have recently started doing on call in my job which will provide me with at least an extra £100 per month (but will more likely be £200 with overtime). Should I add this to my salary? Is there any way for the loan company/bank to find out what your annual salary is through a credit search?

Thanks,

Ron

Xbigman

They can write to your company and ask for your salary details. You should tell them whatever your base salary is if that is what your company will tell them.
Regards



X

rollins_2

Thanks X, so there is no way they can tell what your salary is from a credit search?

euronorris

I don't know, I don't think so.

But, I don't think that counting your 'on call' funds as part of your base salary is not a good idea. What happens if you don't earn that one month? Or two month's? Or you receive a lot less than expected? Or your employer removes that function from you?

I would really recommend sticking to only those funds that are guaranteed.

Xbigman

No, they can't tell what you earn from your credit record. If you borrow from your own bank (where your wages are paid in) they know what you earn, but otherwise you either need to supply wage slips or they write to your employer.
Regards



X

nollag2006

rollins wrote: »

Hi,

I am planning to apply for a loan next month and was wondering if loan companies/banks only accept your base salary when considering your eligibility for a loan? I have recently started doing on call in my job which will provide me with at least an extra £100 per month (but will more likely be £200 with overtime). Should I add this to my salary? Is there any way for the loan company/bank to find out what your annual salary is through a credit search?

Thanks,

Ron

There is usually a section in the application for variable earnings, such as overtime, shift allowances, and bonus. I'd put the amounts outlined above in this section.

PNPSUKNET

if you apply the lender may want wage slips, mbna have a habit to

inmypocketnottheirs

Stick to the monthly basic and you won't go far wrong. Unless of course you need to bump the figures up for affordability, in which case you cant really afford the loan