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Which parts of my income will be taken into account?
Charliezoo
Posts: 1,732 Forumite
My partner has a mortgage on his house which we want to sell to buy a place together.
He's self employed and his money gets paid into his business account which he draws a salary and dividend from but hopefully as he already has a mortgage he won't have too many problems getting another.
I'm cabin crew and get paid in 3 parts, basic salary and flight pay (both taxable) and tax free allowances which makes up almost a quarter of my total pay.
I'm worried that mortgage companies won't take all my pay into account - unfortunately in order to buy the house we want we are relying on the lender to take my full pay into account and not just my basic which is low.
We don't have any debts, loans or other major outgoings and will have about 20% deposit to put down.
Also, is it more cost effective to stay with the current lender and add me on and increase borrowing or go elsewhere? Will the existing lender be more inclined to lend more?
We're speaking to the bank next week but just wanted to get a heads up in case we end up disappointed.:o
He's self employed and his money gets paid into his business account which he draws a salary and dividend from but hopefully as he already has a mortgage he won't have too many problems getting another.
I'm cabin crew and get paid in 3 parts, basic salary and flight pay (both taxable) and tax free allowances which makes up almost a quarter of my total pay.
I'm worried that mortgage companies won't take all my pay into account - unfortunately in order to buy the house we want we are relying on the lender to take my full pay into account and not just my basic which is low.
We don't have any debts, loans or other major outgoings and will have about 20% deposit to put down.
Also, is it more cost effective to stay with the current lender and add me on and increase borrowing or go elsewhere? Will the existing lender be more inclined to lend more?
We're speaking to the bank next week but just wanted to get a heads up in case we end up disappointed.:o
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