How would bank work out my salary?

nomisward

Im looking to apply for a ftb mortgage very soon with my bank (Natwest).

Im a truck driver for a living and the way im paid every week is a small basic then a percentage of truck earnings.

Last tax year my gross was approx 28500, this year as of last week (tax week 31) im up to approx 18500 which would give a weekly average so far of 596 and a yearly of just under 31000.

As im not paid hourly or salaried what figure would they use when calculating how much they would lend as my take home week to week can vary a fair bit?

chambta

The depth of questioning will depend on whether you take advice or not but you will be asked, and if necessary need to prove, what is guaranteed, overtime/bonus etc.

pjread

I suspect the depth of questioning might depend on how close to the knife-edge you are on their affordability scale and your LTV/credit file.

e.g. if you're squeaky clean, no debt and after 50% LTV I don't see many questions. if you're looking at 90/95% LTV I'd expect some heavy questions, but the last few pay slips plus last year's P60 should cover them. You might want to consider using a broker.

kingstreet

If you are using a specific lender, it would be prudent to ask the lender.

Only a general outline could be given on here.

rach83

I was in a similar position this time last year. The only lender which would look on my situation favourably enough was Santander. A lot of lenders would only lend 50% on non guaranteed income. Santander took 100% of it into consideration. Brokers will advise you to go to Abbey (which is the brokerage arm of Santander) but their fees were considerably more as was their rate. This was a year ago however.