Mortgage question - Income help

bumblebee_xxx

Hello I don't really post on here tbh but I am looking for abit of advice please...,

Mortgage income -

Do they base your income on last years earning or the current year so for example last year my income was £15000 2012-2013
Gross,

This year it will drop to roughly £12000 year 2013- 2014

Or do they work out an average over a 3 month period?

Thanks again

ACG

Are you employed with bonuses or self employed?

If self-employed, its usually based on the last 1-3 years accounts.
If employed its usually based on your wage and then 50% of your bonuses/overtime over the last year or so - but it can vary from lender to lender, if it can vary a lot then may choose to ignore it completely or just go off the lowest figure.

bumblebee_xxx

Thank you - I'm employed no bonuses tho I've used my lower earnings just to be on the safe side - Also do you no if I have to declare my outgoings for saving for a holiday? My hubby and I are paying roughly £300- £400 towards a holiday for next year will that be "classed" as an ongoing commitment thing lol?

Thanks for your help/advice

kingstreet

Employees - use current basic income, plus a portion of any variable earnings, depending on lender.

You can also normally include a portion of working and child tax credits, child benefit.

Commitments are credit costs, childcare and maintenance. Not regular savings.