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lender assessing income
frank93_2
Posts: 2 Newbie
hello all,
just a quick question really, me and my girlfriend have applied for a £103,000 loan on a house after a £6,000 deposit (using help to buy guarantee).
woolwich have asked for 3 months payslips (which if calculated amount to a max borrowing of £112,000 after the 4x multiplier) but have also asked for our latest p60 (which shows usiong the 4x multiplier of only a max borrowing of £92,000).
we have had a pay rise and are working more hours than last year so p60 for next year will look much more attractive but the question is:
are they using the p60 just to confirm employment status or will they use p60 as our income?
any help would be massive as its been a week since we sent them and still have heard nothing!
many thanks,
frank.
just a quick question really, me and my girlfriend have applied for a £103,000 loan on a house after a £6,000 deposit (using help to buy guarantee).
woolwich have asked for 3 months payslips (which if calculated amount to a max borrowing of £112,000 after the 4x multiplier) but have also asked for our latest p60 (which shows usiong the 4x multiplier of only a max borrowing of £92,000).
we have had a pay rise and are working more hours than last year so p60 for next year will look much more attractive but the question is:
are they using the p60 just to confirm employment status or will they use p60 as our income?
any help would be massive as its been a week since we sent them and still have heard nothing!
many thanks,
frank.
0
Comments
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They'll use the 3 months payslips to confirm your current wages/salary.
The P60 will show last years wages/salary it's just for status of employment. You need to have been in employment at any rate of pay for 18 months.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
you are a star that has taken so much off my mind!
thank you!0
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