confused/worried!

jaffa_cake__

I have not spoken directly to the lender as a financial adviser is doing it all for me. It is a new build, and I was going to go down the government scheme for new buyers, however as my employers do not supply contracts 8 weeks in advance, she said a letter would be fine confirming change in hours, earnings preferable, then it should be fine for lenders to take on the scheme instead. She explained this to the lenders, and her boss, and everything was OK to go ahead, with the letter I managed to get confirming my hourly increase. As I have said already, she liaised with the lenders who originally said this will be OK, however the financial adviser worried me a bit saying what she did, although she told me not to worry and that this is common for public sector departments and to wait and see what the lenders come back with. Obviously, I am a worrier and in my circumstances right now, this is a pretty big deal and I need everything to go through and smoothly so I was just seeking a little bit of advice/maybe reassurance from anyone who has been in my boat.

The lender can verify the income, if they wish, with the information I have provided so far. It is really quite a simple calculation, and I was wondering if, in my situation with work and having faith that State Pensions and I have a secure job (Civil Service) which isn't won't go bust like HMV etc, they would accept this and be happy to do that calculation.

I re-iterate again that it is not me who is dealing with the lenders, it is the financial adviser so unfortunately it is not me who is able to just pick up the phone and speak to them directly. She is contacting the people who she knows within Halifax.

I am new to all this, if you feel exasperated by my obvious inexperience then you don't need to comment.

holly_hobby

Not at all, I just felt that you were a bit off when I said and reasoned why I felt the UWs will want more - esp if its a high LTV.

Just sit tight until your adviser comes back, although you may want to give her a nudge if she's dragging her feet with this !

Holly

kingstreet

In post #3 I asked you if you need the increased salary to justify the level of borrowing you need.

You failed to answer.

You told us your incomes, but not the mortgage amount, so we have no way of establishing the answer to that question.

In post #6 holly asked you if the increased income was needed and explained if it was and if there was no confirmation letter from your employer, it would not be possible to proceed based on the higher mortgage amount before confirmation could be obtained.

You were advised to speak to the person who is arranging your mortgage.

Let me conclude. Without knowing your current incomes, outgoings on dependents and credit commitments we cannot tell you how much you can borrow. If you supply the income and outgoings, together with the name of the lender, mortgage amount and mortgage term we may be able to give you an idea of the amount you can borrow.

Lenders also have online calculators. You could always look at your lender's website, find the calculator and run your situation though it. Frankly, it's all I'll do when you offer up the required information.

However, the bottom line remains. You cannot borrow based on future income if you have no way of evidencing that future income to a lender.

I was typing this while the later posts were arriving!

jaffa_cake__

Perhaps i may not want to disclose every bill in name. However outgoings are around £1200, take rent off and theyre £750. 2 of which are finance loans for sofa and car and if you take those odd thats £500pcm.......and income is about £1800 currently, and will be £2200 once my hours change.

I have not spoken to the lender so do not know how heavilu they are relying on my earnings going up but have been given a letter confirming they will be but not by how.much.

Answered, again. Did not realise how frustrating this site is. I didn't expect to make a mprtgage application on here. I just wanted to know how likely it was.

Never mind, got my answer elsewhere. Nothing to worry about, thanks anyway.

holly_hobby

And there goes a nice thankfull for the help poster !!

H

kingstreet

She just wanted a rant about lenders not accepting "hours" only income.

Still, horse to water and all that...

I could have been impolite and simply suggested she ask the person getting paid for doing the job, but that's against my "play everything with a straight bat" mantra.