Applying for mortgage following recent increase in pay

Little_Missy

Hi all,

I've just increased my hours from part-time to full-time, so my gross pay has doubled. My first payment and payslip since moving to full-time will be received at the end of this month, following which I intend to apply for a mortgage.

Does anybody know if I will get a mortgage based upon my current pay (i.e. full-time - 1 payslip detailing this at time of application) or my previous pay (i.e. part-time - all payslips detail this up to and including May 2013)?

I've tried Googling it and, from what I have found, it would seem that a lender is likely to use my current pay (i.e. full-time). I'd just like to be certain though before applying, as I do not want any credit checks recorded on my Credit File if my application is not going to be successful.

All help appreciated!

Thanks in advance.

amnblog

Depends on the lender. If your employer can confirm the new income it should be fine to use it.

From what you say you will be able to evidence the new income on your pay slip by 1st July in any case?

kingstreet

In these circumstances, the lender can simply go for an employer's reference if you don't have a new pay payslip at the time of application.

Little_Missy

Hi amnblog and kingstreet,

That's great!......thanks for the fast responses.

I will only be applying for the mortgage at beginning of July, so I will definitely have a payslip showing my new gross pay; an employer's reference won't be a problem either.

Thanks again!