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Income Increase between DIP and Full Application

cakeforbrains
cakeforbrains Posts: 608 Forumite
Debt-free and Proud!
edited 11 December 2015 at 12:55PM in Mortgages & endowments
deleted sorry
Grateful to finally be debt free!

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    cakeforbrains wrote: »
    It turns out that using last three pay slips' overtime, adding them up, then dividing by 3 we can evidence an average of £2.5k of overtime per month, extrapolating to £30k per year.

    The overtime is not a guaranteed income. That's the issue. Extrapolating forward isn't how lenders will assess the situation.
  • ACG
    ACG Posts: 24,704 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    They will use the figures you submitted. The bank statements/payslips are there to evidence what you have put. You have not lied to gain something you could not otherwise obtain so I would not worry about it.
    I am a Mortgage Adviser
    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.
  • FTB12
    FTB12 Posts: 22 Forumite
    edited 14 November 2015 at 12:10PM
    I was recently in a similar situation!

    When we applied for the AIP I gave my wage that didn't include my overtime as it wasn't officially guaranteed.

    When we then went to apply fully for the mortgage they asked for 3 months pay slips. The wage on these added up to an extra £5000 p/a due to overtime.

    When the official offer came through in the post the figure they had used for my wage was the one they had worked out from the pay slips I provided not what I had originally told them for the AIP.

    Hope this helps!
  • Contemptuous
    Contemptuous Posts: 516 Forumite
    It must vary by lender, as the ones I have experience with would revise your income on the system when assessing your payslips if it wasn't what you declared (whether that meant increasing or decreasing the figures).
    Slummy mummy!
  • Sedge123
    Sedge123 Posts: 597 Forumite
    We were asked for my husbands last two P60's. They could then see the total overtime for the last two years and put into context. Looking at just the last three months doesn't tell them anything about the potential for overtime in the next three months.
    Determined to save and not squander!
    On a mission to save money whilst renovating our new forever home
  • FTB12
    FTB12 Posts: 22 Forumite
    It was the post office (Bank of Ireland) and no they just asked for the last 3 months pay slips!
This discussion has been closed.
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