Proving guaranteed overtime to lenders

cakeforbrains

deleted sorry

Senior_Paper_Monitor

You should get all or some of both depending on lender.


The type of proof and the calculation used depends on individual lender as well.

Senior_Paper_Monitor

Payslips and (NOT P45s) P60s (oops) - may require for two previous tax years if the bonus counted (again - depends on lender).


Letter from manager of no use at all.

getmore4less

P60's

P45s are for leaving employment.

Prothet_of_Doom

I would caution the belief that overtime is Guaranteed.
Whilst I would happily try to get a lender to take a history of overtime into account, I would also do my own affordability calculations.

I'd use the downloadable budget planner from money saving expert to put in all my outgoings, and then I'd see what happens if the overtime is cut, or what would happen if the interest rate goes up to erm 10%

Then I'd panic and see which of my living costs could I turn off, like erm sky TV ( I can't do that as I'm too tight to pay for TV), or cancelling holidays. if I had to.

I'm obviously a pessimist, but if you plan for the worst and it never happens that is a perfect world. If you assume overtime won't be cut and that interest rates won't rise, or that one of you won't be able to work full time due to illness (something that I never expected myself), then it's all the more difficult when it happens.

Perhaps save all the overtime in a savings account whilst you look for a place ?

Babychan

We recently got our mortgage and my bf wages included OT the banks wanted proof of the last 3 months payslips with the OT showing and they took an average from that.

ShawUK

I will find out early next week whether nationwide has accepted headed letter from my manager & last three months weekly slips.
This is all my mortgage advisor requested.