Redundancy & Mortgage App

Ortegam2014

I was made redundant from my previous employer back in March this year. I had a guaranteed bonus for the year and this was paid to me in the form of redundancy payment (in order to take advantage of the tax benefit). I started a new role in August and I'm now speaking with Halifax to arrange additional borrowing for house refurbishment.

I need to use my last bonus in order to pass the affordability test (they will include 60%), however, to do this they will need to see a payslip showing the bonus paid and at that point will become aware that I was made redundant and was effectively unemployed for 4 months.

Does anyone have any idea if this is likely to cause major issues for them?
Many thanks

foxy-stoat

They will want to know your employment history anyway, ie current employer and length of time you have worked for them. They will ask additional questions about previous employment as well if its a recent change.

Just be honest and see what the computer says - Halifax are the only ones who can answer your question.

betmunch

Lenders allow you to use bonus if they can be convinced it will continue being paid, hence the bulk of them erring on the side of caution and not allowing 100% of it.

You will not be receiving bonus from this employer so it can't be included.

You can use the average of what shows on your last 3 months payslips