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Variable income help please
01huddka
Posts: 6 Forumite
Me and my girlfriend have been playing with the mortgage calculators on various websites, But her income changes monthly as she does variable hours - we are just unsure what to enter into her income on the calculators, and would mortgage lenders be happy about this income it can vary from around £1300 - £1900 a month, would lenders take the minimum and x by 12 ?
We are hoping to get a mortgage next year.
Thanks for any replies
We are hoping to get a mortgage next year.
Thanks for any replies
0
Comments
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Some lenders will work on an average of 3 most recent payslips and multiply by 12 to obtain the annual gross income.I am a mortgage broker. 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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I had a client last month who worked for Tesco. On her payslip there was weekday pay, weekend pay, weekend overtime, weekday overtime, bank holiday pay, bank holiday overtime, evening pay and weekend evening pay.
I had to get 7 payslips (as they were paid 4 weekly) divide by 7 multiply by 6 and work out how much was overtime and how much was normal pay to then come up with a figure the lender would use to assess affordability.
Have to admit, it flew straight through which I wasnt expecting but I put a note with the application to explain what I did and how I obtained the figures.
Speak to the lender, see what they would want and how they would want it entered on the system. Every lender is different so you may as well get it straight from the horses mouth.I am a Mortgage AdviserYou 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 -
Thanks for replies0
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I think Tesco payslips are the most complicated I've ever come across ! Practically unfathomable.
How anyone would know if they are being short changed is beyond me.0 -
Thats before you get to the pension deduction which is actually a credit!I am a Mortgage AdviserYou 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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