Additional pay on payslip & applying for Mortgage

Jamsterthehamster

Hi

Just taken on extra responsibility whilst colleague is on maternity leave (1 year).

Soon to remortgage.

My payslip will have core salary figure, but increase will show as an additional payment.


question.

Will my application be based on core wage, or with both payments?

Thanks

somethingcorporate

Depends on the lender. If it's only a temporary uplift you will need to declare this so it will likely be ignored.

You wouldn't want to stretch and take on a mortgage based on a temporary increase, would you?

Jamsterthehamster

Thanks,
But is temporary 12 months?

somethingcorporate

I'd suggest if you are going to want to rely on it then a broker is your best bet as they should know which lenders will treat it favourably.

I'd suggest a year is temporary IF you know it is going to end after a year. Lenders may or may not agree.

Thrugelmir

Jamsterthehamster wrote: »

Thanks,
But is temporary 12 months?

How long's your mortgage term ? 25 years?

Jamsterthehamster

Looking at a new mortgage 25 to 30 years.
I'm on IO but overpaying. Guarantor until 2015 ( 5 year )
Was on 30 year term but moved in 09, ported mortgage....wife was on maternity pay, hence deal.