Mortgage application help!

Jadelorien

Hello you lot

So.. I was wondering if I could pick your brains?

I'm applying for a 5% deposit help to buy.

So my issue is that I work nights and I have a basic wage and also a further £3000 which is guaranteed what I have to work when the others are off sick as it's all split. So will that be taken 100% into account as I have to do that work? But on my payslips it's just added on so every month it seems to vary so one month I got 1,398 and the next 1,987.

Then on top of that I have around 2/3k in overtime I do.

So I have a dip which was done by London and country but apparently the figures they put in were abit off so I have go re apply and I might do that via a different broker on Tuesday when things open.

I'm just wondering how an application would work with my financial structure? Because it would make a huge difference if they only classed 50% of what I'm guaranteed to work as part of my job? But it isn't added on every month.

Please help!

ps... Please no harsh posts be gentle with me I'm a nervous wreck!

Loopy28

Hi there, it will depend on the lender. Santander who I am with take any overtime/extras as 50% and monthly wage at 100%.

Definitely see a broker face to face, London and Country are ok but I found they aren't too good at anything less than straight forward. They told me I couldn't port my existing mortgage and would need to pay an Early Repayment Charge but I saw a broker face to face who was able to port my mortgage no problem so they lost my trust a bit after that.

A good broker will have knowledge of all the lenders and their criteria.

audigex

It will depend on the nature of your bonuses/overtime/extra work: if they're guaranteed and written into your contract then they'll likely be counted, although you'll have to prove it.

If not guaranteed they may be counted, or may be counted at a reduced rate (eg 50%) to account for that.

If it's really guaranteed, though, it shouldn't be a problem: it will just mean you've got a bit more leg work to get the evidence together rather than just handing over your payslips with your basic wage on like most of us do.

ambioni

Go to a good broker and get them to handle it. Some charge a fee (£300-500) for arranging a mortgage, payable when mortgage is approved, but many don't charge and instead take a commission from the lender. For peace of mind, I would get a broker to analyse your finances here and advise; doing it alone may not get you the best deal and you may face an interrogation from the lender if the figures don't all match up