New Increase of Pay - How can i get a mortgage?

luckylouise08

I've just had a new contract put in place to give me a salary of £32,760.00 a year before any overtime is added. My issue is most lenders seem to be wanting to only go on my last 3 payslips worth of pay. I have put an offer on a property but without being able to be leant the money based on my new income (which i think i would get the amount i need for) i am in trouble. I also have a business but this does not seem to help much as it's my last 3 payslips on my main job that appear to be the stumbling block. Anyone know any lenders that will look forwards (not back) on income? Any help would be appreciated as i will need to let the owner know i can't get a mortgage if i cannot get a lender.

kingstreet

There are lenders who will work off your new income by obtaining an employer's reference.

Consult an independent broker for advice on the best lender for your circumstances.

ACG

I echo kingstreet.
It should be easy enough to place at normal rates. It is not for every lender but assuming nothing else to overcome there should be a few options.

luckylouise08

Thanks both. Think I'm coming up to another problem...I have not got any SA302s or Tax Year Overviews for my business as I am self-employed but take dividends rather than a salary. I get the majority of my income through my main job not my business. My accountant says i don't need to fill in a self-assessment yet mortgage provides are saying i need to produce those. Never a dull moment ha!:rotfl:

ACG

The tax year is april to april, you need to file your SA302s by the end of January the following year, but there is nothing stopping you filling them before the end of Jan.

You would probably need 2 years worth of SA302 before you could use the second income and not all lenders will use 100% of the second job income.

amnblog

This issue with Accountants suggesting you do not need to submit a self assessment return as a basic rate taxpayer is one we have seen many times.


Some Accountants say you do not need to submit a return. Others, say you do. We have checked the info on the HMRC website and that was not clear.


One thing for sure is that you will need the SA302s (and Tax Year Overviews) for 90% of the landers to consider your self employed income, so self assessment returns will need to be done.


Bear in mind that lenders will often only consider 50% of your 'secondary income'.