What classes as income for morgage purposes?

BrettMorganxD

Meeper wrote: »

How good you are with money NOW is not the same as how good you would be with money if you also had a monthly mortgage debt to pay. It's about long-term sustainability.

A monthly mortgage debt is not much different from paying a monthly rent debt

Meeper

Of course it is.

If you don't pay your rent, nobody cares. You get kicked out and the landlord might lose a month or two of rent.

If you don't pay your mortgage, the lender has tens of thousands of pounds in debt recovery, litigation and repossession costs. Much better to assess your affordability from a long-term sustainable view in the first place because, believe it or not, lenders don't want to re-possess your property.

BrettMorganxD

Meeper wrote: »

Of course it is.

If you don't pay your rent, nobody cares. You get kicked out and the landlord might lose a month or two of rent.

If you don't pay your mortgage, the lender has tens of thousands of pounds in debt recovery, litigation and repossession costs. Much better to assess your affordability from a long-term sustainable view in the first place because, believe it or not, lenders don't want to re-possess your property.

I am not saying that, I am just saying... they should check how good you are with money into the equation. Not just on how much money you have.

BrettMorganxD

But back to the original question. Will any lender take overtime into consideration if it is semi-regular (work out an average).

because I work in the care sector, overtime is very common

kingstreet

BrettMorganxD wrote: »

But back to the original question. Will any lender take overtime into consideration if it is semi-regular (work out an average).

because I work in the care sector, overtime is very common

Yes. You'll probably get 50% taken into account if you can show a P60 and three months wage slips with it being received regularly.