Multiple employers and first time buyer

Popstar_2

Hi all,
We visited a mortgage broker who based upon our income of £30,000 a year, applied to Halifax for a mortgage. We then found out that we were approved in principle and given a mortgage promise.
We have since returned to complete the application after getting an offer on a house agreed, to be told that we need the "last three wage slips" from our employers.
Unfortunatly, I work in the promotional industry, and never work for the same employer for more then a month at a time, despite remaining "employed" with the companies, as we do not recieve a P60.
Is this going to seriously affect the mortgage application, as when they write to each of my numerous employers, they will see that I have no set contracted hours and only work on an add hoc basis for each, but between them all, have full time hours, non stop, for the last 10 years.
Is there any chance of a mortgage lender looking at my bank account to confirm the income, as this shows the payments coming from my numerous employers.
Any help would be greatly appreciated.

maninthestreet

If you can't produce proof of income, no lender is gping to agree to lend you money - who actually pays you, and what documentation do they provide when they pay you? Further, it is a legal requirement (for taxation purposes) to keep a record of your income - how do you pay income tax????

Popstar_2

Hi again
It's easy to prove my income, through wage slips and bank statments, but where I forsee problems, is employer checks. As I work for different employers on a week by week basis, in the promotional industry.
None of the employers p45 me at the end of each job, hence the multiple employers.
Is there any lenders who manually look at bank statments, or will take my.circumstances into account?

Thrugelmir

Popstar wrote: »

None of the employers p45 me at the end of each job, hence the multiple employers.

Do your employers automatically deduct basic rate tax every time they pay you?

maninthestreet

Popstar wrote: »

Hi again
It's easy to prove my income, through wage slips and bank statments, but where I forsee problems, is employer checks. As I work for different employers on a week by week basis, in the promotional industry.
None of the employers p45 me at the end of each job, hence the multiple employers.
Is there any lenders who manually look at bank statments, or will take my.circumstances into account?

It may look like you are self-employed or a contractor to any lender.

Popstar_2

Yes, they do alll take basic rate, then give Mr hmrc a call, and get money back each year.
Guessing that your right, could be classed as a contractor. Any lenders deal with those? And if so, what would they accept as proof of income / work etc

maninthestreet

Popstar wrote: »

Yes, they do alll take basic rate, then give Mr hmrc a call, and get money back each year.
Guessing that your right, could be classed as a contractor. Any lenders deal with those? And if so, what would they accept as proof of income / work etc

How can these 'employers' claim back income tax from the HMRC they've deducted from your wages...and what about NI??
I suspect you will need properly audited accounts in order to get a mortgage.

Popstar_2

Sorry Maninthestreet, I meant that its me that claims back any overpayment of tax at the end of the year, as by taking basic rate off me, I was not given my personal allowance. I do have provable wage slips for the last 5 years, as well as bank statments showing the income, but all from different employers

Thrugelmir

Every year you should be receiving a tax assessment from the HMRC which reconciles your tax and national insurance liability for the previous tax year. This takes into account the amount you have already had deducted from your various sources of income. This would substantiate your earnings to a mortgage lender.

Popstar_2

Thanks for the reassurance Thrugelmir, how would I stand on the employment front, with no contract lasting more then 4 weeks?

Thrugelmir

Popstar wrote: »

Thanks for the reassurance Thrugelmir, how would I stand on the employment front, with no contract lasting more then 4 weeks?

Do you incur expenses in performing your duties? As it may be worth consulting an accountant to establish if its worth registering as self employed. As you are established in what you do, have regular assignments from different sources.