Any lenders take shift allowance in consideration?

longwalks1

I currently earn the following:

Basic - £32,800
Shift - £5,025
Contr OT - £2,750

I am not sure of the 'x salary' calculation most lenders go by now? Is it 4 times? I want to borrow approx £136k

My property is worth £170,000 and i currently owe £105,000 (with redemtion fee of £2,000 - tied in for 2 1/2 more years @ 4.99%)

How will most lenders see my requirements? I was initially looking at a second charge but got a little confused by it, and was struggling to find one on the comparison sites

Thanks in advance

Wh05apk

Most lenders will allow shift allowance, if this is a contracted part of your income, o/t however is not normally taken in full, normally only a maximum of about 50%.

Not sure what you are trying to do, are you looking for a further advance, if so who is your lender?

hillcats

Is the additional money GUARANTEED regardless? - That is the $65000 question.

If so, then like me I have my basic pay plus guaranteed overtime payments that was taken into consideration by www.if.com then I also had a certain amount of my regular additional overtime that was also considered when I remortgaged our home over to them... (I would recommend IF but they dont do mortgages for new customers now...)

originalmiscellany

Tell you what Hillcats, you have a great mortgage deal going on!

GMS

OP you really should go ans see a broker. Your posts on here are more and more probing with more and more information each time.

If you do not know how to approach the deal yourself you should sit down/speak to a broker and give the full picture.

This way you will find out once and for all.

Taking snippets of info here and there and trying to piece them together can be a very dangerous game.

longwalks1

Wh05apk wrote: »

Most lenders will allow shift allowance, if this is a contracted part of your income, o/t however is not normally taken in full, normally only a maximum of about 50%.

Not sure what you are trying to do, are you looking for a further advance, if so who is your lender?

Yes, ideally a further advance for my lender, First Direct, but they have said not possible, god only knows why, never defaulted, not one late payment, no CCJ's or bad credit ever.

longwalks1

GMS wrote: »

OP you really should go ans see a broker. Your posts on here are more and more probing with more and more information each time.

If you do not know how to approach the deal yourself you should sit down/speak to a broker and give the full picture.

This way you will find out once and for all.

Taking snippets of info here and there and trying to piece them together can be a very dangerous game.

Thanks GMS
To be honest, I was put off of visiting a broker after i saw one last year about a possible buy to let (change of plan means i didnt go through with it), and they wanted IIRC £500 or £800 for the service, and assumed that all brokers will charge a similar fee for assistance, hence my 'little bit here, little bit there' questions

GMS

Obviously brokers will not work for free but the fes shoudl be agreed up front. If you dont like the fee find another broker.

If the case is complicated it can be worth the fee as it could mean the difference between getting the mortgage or not.

longwalks1

Thanks GMS, will have a shop around, are there any sites/governing bodies for brokers to try?

GMS

Usual suspects such as yell and google. www.unbiased.co.uk but untick the websites only link as this is the one they charge for so not everybody pays it! www.fsa.gov.uk and search the register

Friends and family recommendations are best if you can get them.

Grab somebody on the forum if you choose to.