Payslip / Bank statement queries

shelmodine

I wonder if anyone can answer this...

The company I work for is relatively new and updating the way it operates on the fly really. Long story short I get paid cash in hand- I receive a wage slip and then pay that into the bank.

This is the amount I pay into the bank doesn't match the payslip sometimes. It's rarely under, usually £50 or so over which can be from tips, discretionary bonus' etc

I've only just discovered that this can be an issue though- Is it liable to scupper my mortgage application? I'm applying through the Natwest.

Thrugelmir

Are you basing your declared income on the payslips you receive?

ACG

This could prevent you from getting a Mortgage.
You need to speak to a broker or the lenders before applying.

If by cash in hand you mean "tax free" then you can not use an income that is not declared.

shelmodine

Hi- yes it's all legit...tax and national insurance all paid for with the exception of tips and bonus' which I received over the christmas period in irregular amounts.

The AIP I received is based on the payslips/ contract I have- just worried the banks statements are going to blow me out of the water.

By cash in hand I mean we literally receive cash....as in a payslip rather than electronically transferred into the bank

ACG

Not all lenders will like it, infact very few will.
Its probably one for a broker unless your happy spending a long time doing the donkey work.

shelmodine

Gradually losing the will to live with this mortgage lark!

Already with a broker...to be honest it was only in a passing conversation with my boss who said he pays the exact amount on the payslip so didn't have any issues with his mortgage. Otherwise I'd have never thought it was an issue as I can obviously prove my earnings. Sadly I didn't know this was going to come up and have been raiding slummy jars to top up the wages I pay in trying to get the deposit together.

amnblog

The typical response to this from lenders is to ask the firm's Accountant to confirm your income.

It helps that you pay your wages into the bank. We dealt with one where the cash never went into the bank which was trickier.

shelmodine

Ah right, thanks for that amnblog

I'm obviously going to pay in exactly what it says on the wage slip going forward- it just seems silly to me but then again I don't know the in's and out's of mortgage fraud!

From what I can work out it usually 3 months wage slips. The house i'm buying isn't even built yet and won't be ready till june even though we're proceeding with the mortgage now. We've not started on the full application yet so there might be another window of opportunity there as well. I will speak with the broker again.

MFWannabe

Daisydoop wrote: »

Sorry I'm definitely hijacking now but can anyone help? Saves explaining everything in a new post? Thanks.

You need to start your own thread; its really not fair to hijack another
Theres a new thread button on the left hand side at top of page

shelmodine

From what I can gather from other people within this company who have been approved....the payslip should match the deposit. So if you're paid weekly, a weekly deposit.

Additional money can be paid in but if it amount to a large sum you'll have to prove the source- i.e. gifted deposit. Might be worth paying the 'contributions' in in larger amounts less often so they can be highlighted if they are queried....but then again this is consensus opinion in work.

jennifer110

do you have any update on this one as im in similiar situation?