Skipton Morgtage Advice please help!

cmac123

Hello I'm new here so apologises if this is in the wrong place etc....

I am trying to get a morgtage with Skipton building society I have a default (satisfied) £118.00 2 years and 1 month ago. I am also getting funding from the Scottish government to help as I am a ftb.

I have just changed jobs and I am on a better salary etc now I get a basic salary plus commission (commission ) is the best part if my earnings.

I have passed for a decision in principle for £138.000 which is great and that is based on me earning -

£20.000 basic salary
£35.000 OTE commission

They will use 50 % of OTE commission as not guaranteed (understandable) now they are telling me that I have to produce a P60 for this job but I have only just started this job so won't get a P60 until next year I have offered my P60 from this tax year but they say they can't use it as its from my old employer.

My P60 next year will also have my earnings from old
And new job?

I am looking for advice please regarding this situation can they not base my "commission" on last years p60 and use my current "basic " salary?

I hope this makes some sense thank you very much

Let_Us_See

Yes, your post does make sense, and so does Skipton's insistence in requiring proof of sustained commisssion - that is P60. With your relatively short period of employment you cannot prove the £35k commission is realistic or sustainable and until you can no lender (including Skipton) is likely to accept it for mortgage affordability.

amnblog

Can you prove that this tax year you have earned 4/12 of £35K in commission.

witchy1066

amnblog, given the OP circumstances would the lender not contact his employer and or pay office ?

the reason I say this is because a 1/4 of my partners income is made up of overtime (compulsory) the lender could not understand how this works so they got his employer to fill in a form giving details

apologise if I am completely off the ball and the OP position is not on the same lines

cmac123

Thanks for the replays, sorry this is all new to me 4/12? This tax year 12-13 I can prove my earnings of £35 k I have my P60 and from April to present month I have earned Gross 25 K payslips back this up from old employer and new employer, it's not easy to get my head around and doesn't help Skipton don't do in branch Morgtage advice.....


Thanks for the replys

ACG

This is where i would call up Skipton speak to the underwriter explain the situation and see what (if anything) they would accept or want to do.

If you went through a broker get them calling up, if you didnt im not entirely sure whether you can speak to the underwriter or not but its probably worth a try.

I quite like Skipton, theyre easy to work with when issues arise so its worth trying to talk to them.

cmac123

ACG thank you for your help, Apologies been on holiday,

I have spoken to my local Mortgage Broker who has suggested that we put my confirmed basic salary £20 K down so 100% will be used and my commission from Tax year , 12 - 13 commission down which was £32 K, He has advised me that this should be sufficient for Skipton for underwriting purposes etc, as payslips from April - present will also back this up. My new concern is that I'm not 100% sure if I trust my broker as I went to them a year ago and a different broker took me on a wildgoose chase and 10 credit searchs! That broker got fired..... Does this sound promising or would you wait and see what skipton ask for ?

Thanks again

amnblog

CMAC

On target bonuses are all very well if you have a track record of earning them.

If you expect to earn £2,000 a month in bonuses and are four months into your new job, by definition the mortgage underwriter cannot assume you will earn £24,000 in a full 12 months.

If your P60 shows £24,000 over a full year, the bonus has proven to be reliable.

In this case I suspect the underwriter may take a view based on the bonus income you have on your pay slips since you started the job.