Income in Tips

hel23m

I need some advice on how to apply for a mortgage through a mortgage broker, preferably advice from a broker here. I am a first time buyer looking for a UK residential mortgage. I work abroad and get paid in US dollars. I have no living expenses or debts etc and very good credit. The problem is most of my income is from tips although it is regular and is well documented. The fact that I work away 7 months at a time and my income is mostly tips I think this will make it hard for me to get a mortgage. I need the help of a broker to apply for mortgages in the right way. For example should I show my pay slips that list the tips and salary figure separately or should I show only the income summary I receive before my ‘leave’ (paid holiday) that put both together showing only the totals. Should I tell the whole picture to the broker so that they can best decide how to best apply to the lender?

Thanks for any help you can offer.

ACG

There are more issues here than just the income.

I think you need to sit down with a good broker for this, someone who is happy to look at complicated cases - maybe an adverse broker?

What will happen to the property while your away.
Do you pay UK tax or US? If its US that will cause issues.
Your income is not guaranteed, this will be an issue. How long can you show the wages for?
Also what type of Visa do you have for the US? Does it allow you to work, if so how long for?

Im more than happy to look at complicated cases, but i would not fancy this hitting my desk. I personally wouldnt hold my breath on this, there are a lot of big issues that need to be overcome.

How big is your deposit? If its 10-15% i would say forget it. I wouldnt even consider it until you hit 25%.

kingstreet

I don't fancy any lender taking this on with no UK-based income in sterling.