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First time mortgage advice.

Matt_L
Matt_L Posts: 1,459 Forumite
Sixth Anniversary 1,000 Posts Name Dropper Photogenic
in Mortgages & endowments
Hi all.

Im seeking a little advice on a specific question and hope someone can help...

My partner was at Halifax today to apply for a mortgage in principle and was surprised to find that the lady at Halifax said they don't calculate her full earnings just her contracted hours and then, (and heres the bit we are interested in) only 60% of her overtime pay and bonuses.

So my question regarding the overtime and bonuses is, do all banks only used 60% or do some vary??

Thank you for any help...
"I want to die peacefully in my sleep like my grandfather, not screaming in terror like his passengers."
«1

Comments

  • Caz3121
    Caz3121 Posts: 15,875 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    are they guaranteed payments? contracted overtime? could the overtime stop and the bonuses not be paid?
  • Matt_L
    Matt_L Posts: 1,459 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    The bonuses are guaranteed but vary ever so slightly but the overtime isn't, however she is contracted to 30 hours yet has worked nearer to 40 hours per week for the last 10 years...
    "I want to die peacefully in my sleep like my grandfather, not screaming in terror like his passengers."
  • Prothet_of_Doom
    Prothet_of_Doom Posts: 3,267 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Matt_L wrote: »
    The bonuses are guaranteed but vary ever so slightly but the overtime isn't, however she is contracted to 30 hours yet has worked nearer to 40 hours per week for the last 10 years...

    Then why not forward them 10 years of P60's.
  • Matt_L
    Matt_L Posts: 1,459 Forumite
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    Prothet_of_Doom wrote: »
    Then why not forward them 10 years of P60's.

    Im guessing that if Halifax's criteria is 60% of all overtime then showing 10 years worth of p60's may not persuade them to change their policies???

    Im hoping that others may have experience or knowledge of lenders that may just accept her overtime as part of her wage....:)
    "I want to die peacefully in my sleep like my grandfather, not screaming in terror like his passengers."
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Matt_L wrote: »
    The bonuses are guaranteed .

    Bonuses by there very nature are rarely guaranteed. As are dependent on certain criteria being achieved.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
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    MY overtime wasn't even counted at all, their money their rules
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Matt_L
    Matt_L Posts: 1,459 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Thrugelmir wrote: »
    Bonuses by there very nature are rarely guaranteed. As are dependent on certain criteria being achieved.

    Thanks for stating something that is obvious...
    csgohan4 wrote: »
    MY overtime wasn't even counted at all, their money their rules

    Hence my original question.....
    "I want to die peacefully in my sleep like my grandfather, not screaming in terror like his passengers."
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Matt_L wrote: »
    Thanks for stating something that is obvious...

    You actually said.
    The bonuses are guaranteed but vary ever so slightly

    So are you now agreeing that the bonuses paid aren't guaranteed. As it will change the picture somewhat.
  • Dolly123
    Dolly123 Posts: 189 Forumite
    Im cabin crew and I'm hoping that i won't encounter the same thing as my commission and sector pay is 50% of my wages!
  • Matt_L
    Matt_L Posts: 1,459 Forumite
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    Well Dolly from the research I've done to date it appears that some lenders do 60/50/40% of overtime and bonuses and others do 0%, yet to find one above 60%. Going to see a broker on Monday so if i hear more i shall let you know...
    "I want to die peacefully in my sleep like my grandfather, not screaming in terror like his passengers."
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