Future pay increase - mortgage application

firsttimebuyerwales

Hi,

A question I hope that someone can provide some knowledge.

I have worked for my current employee for 5 years. On the 28th September I began a new role within a different department which included a pay increase.

However, I do not get the pay increase until I reach the 6 month mark.

In the meantime I have lost my 20% pay uplift that I gained for my previous role, and reverted to a base salary.

Will a mortgage advisor be able to accept any literature from my employee to advise that my pay will increase after the 6 months have passed.

I am fully prepared with mortgage, deposit etc. However my current (temporary) pay decrease will not allow me secure the mortgage amount I would like.

I have a meeting with a mortgage advisor later this week.

Thank you

ACG

It depends on the lender.

You need to either speak to the lender (ideally an underwriter rather than a sales person) prior to submitting an application or get a mortgage broker involved.

It should be possible but it will come down to the lender really, usually if you have paperwork to back it up a lot of lenders are happy to consider it.

firsttimebuyerwales

The lender I will be seeing this week is Barclays if that helps at all.

kingstreet

A lender is likely to want to write to your employer for a reference to confirm the new salary and date from which it applies.

firsttimebuyerwales

kingstreet wrote: »

A lender is likely to want to write to your employer for a reference to confirm the new salary and date from which it applies.

That would be perfect and is just the information I was hoping for.

Thank you

Thrugelmir

firsttimebuyerwales wrote: »

However, I do not get the pay increase until I reach the 6 month mark.

A probationary period in the post?

firsttimebuyerwales

Thrugelmir wrote: »

A probationary period in the post?

Yes.

Well that's at least how my employer makes it sound legitimate

I've already sat down with my boss who has confirmed the exact date the increase will be applied.

Thrugelmir

firsttimebuyerwales wrote: »

Yes.

Well that's at least how my employer makes it sound legitimate

I've already sat down with my boss who has confirmed the exact date the increase will be applied.

and if the job's not for you?

Will you default back to your existing role.