Mortgage just before huge wage rise?

Kazorina

Hello,

We are applying for the LIFT scheme in Scotland. Application sent in October so on the waiting list for the new financial year. Question is regarding obtaining a mortgage on low incomes. My husband is currently an apprentice earning £12,121p.a this is due to jump up to £21,000 ish in July. Obviously this will make a huge difference to the amount we can borrow.

I think the timing of the Mortgage application will fall only a month or two before his wage goes up, so would the banks accept a letter stating this from his company? or Do they have to base it on current wage alone? Frustrating as by the time it's all done and dusted we'll be making the payments on his new wage.

Any help appreaciated, Thanks

paye

dont quote me, but i think they will look at his current earnings and not what he his likely to earn in the future. Good in away as you can use the extra income to pay off the mortgage early.

Kazorina

This is true, knew it was a long shot but wondered if there was a tiny possibility it could be done. Thanks for replying paye.

amnblog

It depends on the Lender and the timing.


Engage a mortgage broker at the time.