Which lenders (if any) will look at P60's instead of wage slips?

teb_2

Are there any lenders which will take P60's as proof of income rather than wage slips? my last 3 years P60s show a good enough income to borrow the amount i'm initially thinking of but my last 3 wage slips dont as i always earn more in summer than winter but it all evens out throughout the year.

popped into A&L the other day just to query and they want wage slips.

if i have to just use the wage slips then i'd have to wait till septemberish to even apply for a new mortgage.

toonfish

they should all do this within reason, can you show some of the previous years payslips too? I actually did a mortgage with A&L last week for someone in the exact same position (working in the tourist industry so much higher income in the summer) and they were fine with it.

Bernie

...income record.

In the usual fashion, after 37 years in the military with a salary cheque going in every month, we had no problem getting mortgage quotes in preparation for our return to "Civvy St". Then, when we actually wanted the mortgage, to move from married quarters into a home of our own, it all became difficult.

When I actually made the jump and started working as a contractor for our largest aerospace company - the bank treated me as a financial leper! When we asked for the mortgage for real, they first asked for a SA 302 in order to verify my income. Not too clever a request as I soon found out in minutes after googling in a panic, these are drawn up at the end of the financial year!

"Oh!" they said, "...send 13 weeks of pay statements then..."

"I've told you I've only been working for them for 2 months..."

"...then we'll need a SA 302" said the new voice, and back round the loop we went.

It took 3 mortgages proposals, back and forth, each time the mortgage prepared by the bank's Mortgage Agent getting refused by their own Income Verification people. It took over 2 months for the two parts of the same bank to get it together - all the time, our sellers patiently waiting for us "No Chain, cash buyer with mortgage promise" to come through.

...and what was most annoying was that my new income was more than before, significantly so when my military pension commenced.

...and the real laugh was that in the end, the mortgage advance was based on just that pension and the wife's civil service pay, and that was soon to end as we were er... moving! Remember!

My increased income as a contractor was mostly dismissed because of the accounting processes used by the composite company I'm paid through.

When the dust settled, I complained vigorously and after 3 letters, they agreed to refund £70 in compensation.

:beer: