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Move Home ...multiple PAYE's...Self Employed...Want to keep great rate

trombonewill
Posts: 12 Forumite
My wife and I would very much like to move to a bigger house. The problem we have is that we are both musicians/hourly paid teachers.
My wife has 3 years of accounts and also earns around £5000 form PAYE, this work has a contract but no guaranteed hours of work.
I work for 3 different PAYE,s again I have a contract but no fixed hours of work. I also have a small amount of self employed income.
We are currently have a mortgae of 1.99 tracker (1.49 above BOE) with the woolwich. When we took this out we were fast tracked and they lent us the money off of what went in and out of our Barclays accounts. I would love to stay with the Woolwich and take our existing Mortgae of £133000 with us, we would then need to borrow another £45000 to get our ideal property. We will have 30% deposit in savings and equity
The problem we now have is the FSA has clamped down and I believe thay will want to look at all of our income. If they took the overall pay from SA302 for the last 2 or 3 years then we would be absolutely fine. If they took my Wifes self employed and added up my PAYE we would be fine. However I doubt that it could ever be this easy...... The PAYE changes each month depending on the hours worked with a large payment at the end of each term.
Does anyone have any advice ??
Thanks
My wife has 3 years of accounts and also earns around £5000 form PAYE, this work has a contract but no guaranteed hours of work.
I work for 3 different PAYE,s again I have a contract but no fixed hours of work. I also have a small amount of self employed income.
We are currently have a mortgae of 1.99 tracker (1.49 above BOE) with the woolwich. When we took this out we were fast tracked and they lent us the money off of what went in and out of our Barclays accounts. I would love to stay with the Woolwich and take our existing Mortgae of £133000 with us, we would then need to borrow another £45000 to get our ideal property. We will have 30% deposit in savings and equity
The problem we now have is the FSA has clamped down and I believe thay will want to look at all of our income. If they took the overall pay from SA302 for the last 2 or 3 years then we would be absolutely fine. If they took my Wifes self employed and added up my PAYE we would be fine. However I doubt that it could ever be this easy...... The PAYE changes each month depending on the hours worked with a large payment at the end of each term.
Does anyone have any advice ??
Thanks
0
Comments
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You're going to have to talk to the lender.
We'll be of use to you if you find they can't do what you need.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks, I should have said....
I have contacted Woolwich on 3 separate occasions. Every time I have been given different advice. I'm not sure if they still have pre approved mortgage limits.
One adviser said they would take all of my PAYE's for the last 3 months and average them. Another said they would look at last months PAYE's and ask for P60 and SA302's. Also I have not been able to clarify wheter they will just need one years accounts (last years are the best so far) 2 or 3 years.
Any advice on what the underwriters may require would be most helpful... Looking online it may be the case they only want a year due to us banking with Barclays.0 -
Barclays does still give a PAML to its account holders AFAIK, but I don't think that means you won't have to provide acceptable evidence of income.
TBH it doesn't really matter what they say online. When it's sitting on the desk of the person who is going to sign his name to the advance, they can pretty much ask for whatever they want and can then interpret that evidence how they like.
This week I had a lender querying the applicant's outgoings because she would be moving 20 miles from where she worked, increasing her travel costs.
That's mentioned nowhere in the criteria. It was an individual's perception and we had to explain it.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That;s good to know. Last time one adviser told me about it, but all the others denied the existence of it. Do you know how I could go about finding out what the PAML is?
Thanks!0 -
Like I said, they are still around as far as I know, but I'm not a fan of Barclays and don't use them much.
One of the others might have more recent experience, but 7pm on a Saturday night is probably the quietest time on here for brokers.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
trombonewill wrote: »Do you know how I could go about finding out what the PAML is?
Thanks!
Will be subject to underwriting of the individuals circumstances.
Until you make a formal application you won't know.0
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