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How do I calculate salary?
SR1
Posts: 147 Forumite
How do I work out my salary when applying for a mortgage , is it the figures on latest p60 , or just my weekly / husbands monthly gross pay ? The latter works out more than p60 due to wage rises
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Comments
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You use gross annual contractual salary as basic, or if hourly or weekly paid, you annualise the minimum basic hourly rate or weekly wage or hours in the contract.
You enter guaranteed overtime bonus or commission in the guaranteed box and you enter non-guaranteed overtime bonus or commission in the non-guaranteed box.
Come to think of it, every lender treats things differently, so it would be far more accurate if you got a broker to do it for you.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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It was my husbands I was unsure about, his salary was 24400 then he started with the governing pension, his p60 says 23600 with no mention of pension, but if I multiply his net monthly pay by 12 then use a salary calculator it comes out at just over 240000
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I would recommend using the salary evidenced on the most recent 3 month's worth of payslips.0
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You should not use net monthly.It was my husbands I was unsure about, his salary was 24400 then he started with the governing pension, his p60 says 23600 with no mention of pension, but if I multiply his net monthly pay by 12 then use a salary calculator it comes out at just over 24000
You should use gross annual contracted salary.
As has been pointed out on other threads, some lenders ignore pension contributions, others don't.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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »You should not use net monthly.
You should use gross annual contracted salary.
As has been pointed out on other threads, some lenders ignore pension contributions, others don't.
Sorry yes I meant gross0 -
What's wrong with the answer on your previous thread ??
https://forums.moneysavingexpert.com/discussion/5297687Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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