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Wages issue

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larner
larner Posts: 14 Forumite
Eighth Anniversary First Post Combo Breaker
in Mortgages & endowments
Hi

I'm planning on applying for an mortgage. My question is my pay is quite complicated. Basically I take home 34k a year however I opt to draw 26k over 12 months and the remainder in a lump sum once a year. This is always paid alongside my yearly bonus and is marked on my pay slip as bonus when I receive it.

According to my employer I can put my yearly wage as 34k per year and they will write a letter to explain this alongside a payslip.

Has anyone else had this issue.

Thanks

Comments

  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    it is a your p60 that counts that will show how much you get in a whole financial year
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ACG
    ACG Posts: 24,539 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You should be fine in the main, but I would speak to a lender before applying just to avoid issues down the line.

    It is not your employer who decides how you enter your income, it is the lender who will tell you what they will accept.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    With some lenders whether or not the income is bonus will make no material difference.

    As ACG says, just one to position well with the prospective lender initially.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Are you a director of your own Ltd coy?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    larner wrote: »
    Basically I take home 34k a year however I opt to draw 26k over 12 months and the remainder in a lump sum once a year.

    Why not switch back to equal monthly payments?
This discussion has been closed.
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