Do Nationwide accept 100% of overtime pay?

deano3

Hi,

Im looking at a Nationwide product, however around 30% of my salary is contracted call out work.

Ive looked at Nationwide's lending criteria and it accepts overtime, but it doesn't state if it accepts 100% of it.

If you put the figures into the affordability calculator it gives you a lower amount you can borrow if overtime is put into the additional income box.

Can anyone with experience of Nationwide confirm?

Many Thanks

kingstreet

Average your overtime on the latest three months' payslips, annualise it and enter it in the overtime box.

The calculator will treat it correctly from there.

wjr4

I've just had this same situation with Nationwide. My partner is projected to earn £9,000 overtime this year but we input £6,000 on the affordability calculator (which gave us a loan larger than we actually require so no need to input £9,000) and they have accepted based on £6k - unsure if we put £9,000 the situation would have been different. You need to provide 13 weeks payslips (he is paid weekly - unsure what it would be for monthly) with them showing 'overtime' clearly. It has to be regular overtime (well, from my experience) and shown every week/month. We had to add the last weeks 13 weeks then divide by 13 to get the average. Not sure if this will be the case for everyone but this is just my personal experience.

Good luck!

deano3

kingstreet wrote: »

Average your overtime on the latest three months' payslips, annualise it and enter it in the overtime box.

The calculator will treat it correctly from there.

I've done that, again the amount is less than if i key it all as basic salary.

Is it safe to assume that overtime isn't taken as 100% for affordability?

Thrugelmir

deano3 wrote: »

I've done that, again the amount is less than if i key it all as basic salary.

Overtime is not contractual basic salary.

deano3

Thrugelmir wrote: »

Overtime is not contractual basic salary.[/QUOTE

I know that, some lenders go to 100% for overtime if sustainable.

lee111s

Just applied with Nationwide and they averaged the amount from the 3 previous months payslips.

deano3

lee111s wrote: »

Just applied with Nationwide and they averaged the amount from the 3 previous months payslips.

Thanks for that, I wonder why it doesn't reflect that on the calculator.

kingstreet

Overtime, bonus or commission is not allowed at 100% unless it is contractually guaranteed and you would need to submit a copy of your contract to evidence that.

deano3

kingstreet wrote: »

Overtime, bonus or commission is not allowed at 100% unless it is contractually guaranteed and you would need to submit a copy of your contract to evidence that.

Thankyou.

My contract will confirm that i am contracted to be on call on a rota basis. What it cant say is how much i will earn as of course it just depends how often im called out.

I can however evidence earnings on years of p60's.

Do you think the said circs would qualify me for 100%?

Many thanks for your help with this.

kingstreet

Nope.

Not with Nationwide.

If your employer will not guarantee the hours/hourly rate, it will be classed as regular only.