Advise on unusual mortgage application

Anonmagee

So, I have an unusual job.

In my job, I pay for a multitude of things on my personal cards, and I am then reimbursed as often as I like. Be that daily, weekly. Etc etc.

Sometimes these payments can be in excess of £15k per month. 1 month this year I think it was £34k.

However I only earn £2100 net per month.

Do you think a bank/broker will be understanding of this situation when looking at affordability of a new mortgage application?

It's fairly complicated if you look at the bank statements as they are pages long every month however it clearly shows my salary going in. Large amounts of spending far exceeding my salary, and payments clearly saying "reimbursed from 1st nov - 5th nov"

Opinions please!?!?

Funny_old_game

What happens if the lender behind you and your brokers back need to confirm things at HMRC? You and your boss are royally!!!!

As your employed, taxable income will be used only. Expenses are not I'm afraid.

If your car allowance showed as car allowance, some may take it, but yours don't, so again for your sake use your basic only in calculators.

Your bank stats may cause eye brows to raise with lenders also and will definitely require explaining if spotted.........opening that can if worms.

Put off the sale and get your boss to do things properly then apply again in the summer.

Dark_Star

You really need a company/corporate credit card for all this spending.


What happens if the company folds & you still have £15K they owe you on YOUR card?


How on earth did you agree to this?


There's a vast difference between the occasional work related train ticket & several thousand pounds....


Not logical :eek:

Contemptuous

Not all lenders ask for bank statements.

I'm assuming when you say you "only" take home around £2k a month, this is sufficient to support the mortgage you're proposing?

The lender would be able to match your payslips with the salary credits on your bank statements if they needed to.

Anonmagee

I'm looking for a mortgage of about 140k. Or 767 per month. Depending where you look.

Possibly joint with my partner so £4200 is our net income. We know we can afford the 767 a month, but our bank statements are a mess with work payments.

There is nothing deceptive in the whole process. There are receipts for everything. The employers contractually agreed to cover any spending by us.

But I appreciate with the comments about them folding although that is very unlikely. Good thinking though!

Funny_old_game

I beg to differ on one glaringly obvious point on here...re as you state deception.

Good luck.

Anonmagee

I don't see the deception though. Just that it's not particularly clear to a broker/bank.

We aren't trying to get anything that we can't afford on our 2100 salary. I suspect the bank will not believe me on the affordability side though as they will see me arguing we only spend 500pcm but our statements say 15k.

Hmm perhaps I should rock the boat and speak to the boss about changing the way things are done :-s

mrginge

I'm interested to know what the 'official' reasoning behind this arrangement is and why it's preferable to a company credit card

Funny_old_game

Your boss may turn around and say it's ok, but they ain't lending you circa 100k.

I would say I want a company charge card or something.

getmore4less

This is a fairly common scenario for some workers.

quite a good idea to run separate cards/accounts when there are lots of regular expenses.

Anonmagee

I'm going to google a charge cards. I don't know what one is.

Ideally a card with a large credit limit in my name paid by them would be ideal.

Failing that perhaps if I just use one of my personal bank accounts this might make things clearer to a bank/broker. At the moment I use both single and joint accounts for work payments.