Prove pay rise before new payslip

lil_miss_insanity

Hi, quick question. FTB applying for a mtg. Broker's gone all quiet on me so was hoping someone here may know answer.

Background: Applied to one lender for 90% LTV but they are being really awkward and slow and rejected AIP on credit score (despite 989 experian score). They are appealing it now but could take a while. Broker suggested another lender but on my 2012 income didn't pass affordability, but it was close.

Issue: I just had my pay review and I think this could make the difference. However, I won't get my payslip with the new figure on it until 28th of the month. I have a statement from my employer with new salary details, but not a payslip. Would a lender take my 2013 pay into account (in force from 1st April) before I get my new payslip, or would I have to wait?

Dave_Ham

Typically they will accept, although subject to the exact lender as some always break the mould.

Credit Score appeals are rarely successful with any lenders, so definitely try and have a Plan B.

Good luck

lil_miss_insanity

Thanks for the advice.

I now just need my broker to get back in touch! EA is chasing me for an update and I'm having kittens here with the worry!

kingstreet

The lender will often write for an Employer's Reference to confirm a payrise it you need it taken into account.

lil_miss_insanity

kingstreet wrote: »

The lender will often write for an Employer's Reference to confirm a payrise it you need it taken into account.

Great, thanks. I'll ask at work and find out which department is best to confirm that - my line manager, HR or Payroll.

kingstreet

Get the name, the phone and fax numbers and the email address for the person concerned and give them to the lender. They will then sort out the fastest way to turn it round between them.

lawriejones1

Apologies for stating the obvious but, unless your payrise is massive (i.e. above £5k or more) then are you not at least a little concerned that you may be stretching yourself to get this house?

the affordability calculators give you a decent amount of leeway, but a percentage point here or there on the base rate could see repayments shoot up.