Pay rise + Mortgage (incremental contract)

sbrydges

Hi

I am on a incremental contract that goes up 1.5k per year for 3 years (then just stays at the year 3 figure). Currently in the second year with the final increment starting December 1 this year.

Looking to buy a house but not able to get the mortgage required until I go up to the new wage.

Can this rise be taken into account before it happens? If so, is it only certain lenders?

Any advice would be great.

Thanks!

ACG

Have you tried other lenders? I am not doing £1500 down, but I would be surprised if that is the difference between getting a Mortgage and not.

Some lenders will accept future increases under certain conditions (ie it is documented/due to start within 3 months etc) but by using those lenders you are reducing your options which in turn may mean you will get less anyway because of how they calculate incomes.

To give you an idea, a company I use sends me 2 affordability calculations each month. One of them in the latest email has 13 lenders in the comparison. The lowest will lend £237,500 the highest will lend £280,300 - £42k difference for the exact same circumstances.