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Payrise whilst buying house
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Clare1988
Posts: 2 Newbie
We are currently buying a house we put our offer in on 7th jan, but the home buyers survey refused to provide a valuation without a structural survey. We now have the structural survey done, the valuation and the mortgage offer, and should be able to go ahead soon (simple purchase we're ftb and they have moved out).
In the last week me and my partner have both received payrises totalling £6k, starting from last Friday. Should we tell the mortgage company? Neither of us have paperwork to prove the payrises, and affordability was worked out as before this. Would they need to reassess? And would this be simple as we were accepted on the lower wage. I don't want to put in any extra delays if I don't need. We've never done this before so I don't know if it could be an issue.
In the last week me and my partner have both received payrises totalling £6k, starting from last Friday. Should we tell the mortgage company? Neither of us have paperwork to prove the payrises, and affordability was worked out as before this. Would they need to reassess? And would this be simple as we were accepted on the lower wage. I don't want to put in any extra delays if I don't need. We've never done this before so I don't know if it could be an issue.
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Comments
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No need, unless you had a paycut, this only makes the case stronger.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thank you, just trying to avoid more delays as we seem to have a lot!0
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Why should you tell them? When they ask your employer for salary information, they will get a higher figure than on the application, but would that matter ? I wouldn't bother, as you have no paperwork yet.0
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