Husband income....

Ju&Mel

We are applying for a mortgage with the Halifax
But my husband income is concerning us, even though we thoroughly explained, more than once to the mortgage advisor. We are concerned if they ask his employer, they will just quote 'basic salary' which is half his earnings

My husbands basic is £20k
He then has £4k shift premium on top
He is also acting shift manager (for last 3 years) adding £7k
He also has Overtime, £7k (some is involuntary - OT because of shift pattern)

As my husband has P60s to show the last 3 years, the minimum he has earnt is £38k the Halifax advisor said they would lend based on that, however we are concerned that if the underwriter contacts the HR dept of his company, they will just quote £22k

We want to borrow £212k on a joint mortgage. They have said we could borrow upto £230k

YoungBusinessman

The way around this is to go with what is on most recent p60 and hope for the best.

Ju&Mel

Just wondered if this is what underwriters usually do?
We bank with Halifax also, so hopefully they'll be able to see affordability isn't an issue (as we've managed to save £26k in 2yrs) 1 yr I've been on Mat leave, and that is after £300 pm going into shares (£10k in there also)

Wh05apk

Halifax will base it on payslips/p60's so as long as you have those, there should be no need to write for a reference.

Thrugelmir

Ju&Mel wrote: »

We want to borrow £212k on a joint mortgage. They have said we could borrow upto £230k

What's your income?

Ju&Mel

£17k, but will be going back up (to full-time) in October to £24.5k as I am currently part time.
Not our ideal time to be 'buying' as we were happily renting, but now Landlord wants the house back so has forced our hand. Zero houses for us to rent in 5 mile radius of here.

Ju&Mel

Wh05apk wrote: »

Halifax will base it on payslips/p60's so as long as you have those, there should be no need to write for a reference.

We have husbands 2011/12 P60, he cannot find the 2010 one but has march 2011 payslip showing £38k
Also his most recent wages slip shows currently £33k this financial year so on track to be £39k

His wage slips are so difficult to understand though, that's why we're concerned they'd ask employer. On a standard month his wage slip has;
Basic
Shift Premium
OT 1.5
OT 2
Holiday Premium
SDA
OT Pay

kingstreet

Halifax takes 60% of most secondary income items, such as;-

overtime, bonus, commission
additional duty hours
shift allowance
town, area or car allowance*

* I understand these are in the process of changing.

If the payslips note the above items, the amount allowed will probably be restricted.

They also allow things like child benefit and working/child tax credits.