hourly paid how much mortgage?

wallace570

if im paid hourly and average 60+ hours a week how does this go on mortgage calculations is it from your p60/wage slips?
also i get around £75 a week give or take tax free bonus/allowance can this be brought into it or not?

LandyAndy

What are your contracted hours and hourly rate?


The 'bonus' isn't going through the tax system so, I hope, it isn't pay. Is it some sort of allowance for food or a reimbursement of expenses?

ACG

If you can show 60 hours for a a while then the full amount can probably be used with some lenders.

It is unlikely you will be able to use a taxi allowance as that is presumably to cover costs you have incurred rather than an actual income? If it goes on your wage slip as income that you pay tax on then possibly.

wallace570

its a 0 hour contract but i lift 550 after tax per week plus allowance (wage slip states expenses) ive never done any less than 55hours so im kinda unsure of what happens when it comes to calculations.

marliepanda

ACG wrote: »

If you can show 60 hours for a a while then the full amount can probably be used with some lenders.

It is unlikely you will be able to use a taxi allowance as that is presumably to cover costs you have incurred rather than an actual income? If it goes on your wage slip as income that you pay tax on then possibly.

I’ve read it three times but still may have missed it, but who said anything about taxis?

buggy_boy

wallace570 wrote: »

its a 0 hour contract but i lift 550 after tax per week plus allowance (wage slip states expenses) ive never done any less than 55hours so im kinda unsure of what happens when it comes to calculations.

It will depend on the lender, the allowance if it states expenses will not be included... Different lenders have different criteria, you are best to go to an independent whole of market mortgage broker, they should not charge but will know which mortgage company has what criteria... It will also depend on how much you wish to borrow, mortgages are based on risk, for example a 95% mortgage is more of a risk than say a 50% mortgage so you may find 95% mortgages hard to find as you will be too much of a risk but if you can get a 10%+ deposit together you should be able to get a bit more of the market and get a better rate.

ACG

marliepanda wrote: »

I’ve read it three times but still may have missed it, but who said anything about taxis?

Ooops, I mis read it. I had my 9 month old on my knee and everyone knows men can not multi task - childminding and answering questions falls in to that category :P

..................
A tax free bonus/allowance would still not be accepted. If it is a bonus, it sounds like it is cash in hand which is tax evasion and illegal. If it is an allowance then it is paid to cover costs you incur whilst doing your job and still not an income as far as I am aware.

wallace570

ACG wrote: »

A tax free bonus/allowance would still not be accepted. If it is a bonus, it sounds like it is cash in hand which is tax evasion and illegal. If it is an allowance then it is paid to cover costs you incur whilst doing your job and still not an income as far as I am aware.

Sound fair as if im not away from home i wouldnt get it. Its not tax evasion its 100% legit and on every pay slip, in my industry your aloud £26 per day for staying away from home before you have to pay tax on said allowance.

Comms69

wallace570 wrote: »

Sound fair as if im not away from home i wouldnt get it. Its not tax evasion its 100% legit and on every pay slip, in my industry your aloud £26 per day for staying away from home before you have to pay tax on said allowance.

What industry, because that doesn't sound true!


that aside, is it really zero hours? Because if so, you run a very real risk of losing it at a moments notice.

wallace570

buggy_boy wrote: »

It will depend on the lender, the allowance if it states expenses will not be included... Different lenders have different criteria, you are best to go to an independent whole of market mortgage broker, they should not charge but will know which mortgage company has what criteria... It will also depend on how much you wish to borrow, mortgages are based on risk, for example a 95% mortgage is more of a risk than say a 50% mortgage so you may find 95% mortgages hard to find as you will be too much of a risk but if you can get a 10%+ deposit together you should be able to get a bit more of the market and get a better rate.

Yea it would only be 10% deposit, the other half owns her house and will have the extra 3% government tax ontop, aswell as fees to rent her place out. I done a quick calculation on our wages excluding our outgoings, my bonus/allowance. What we want to spend on a house is well in budget as their calculator come in at 1/3 more than what we would like to spend. but im unsure if the 0 hours contract would nacker thinks up even tho over the 3 years ive never done less than 55 hours a week.

wallace570

Comms69 wrote: »

What industry, because that doesn't sound true!


that aside, is it really zero hours? Because if so, you run a very real risk of losing it at a moments notice.

HMRC currently allows lorry drivers to be paid £34.90 per night as a tax-free subsistence allowance when spending the night away from home. Where the lorry has a sleeper cab which the driver uses overnight, this figure drops by 25 per cent to just over £26.

Yea thats my concern if the bank sees it that way even though ive never done less than 55 hours in 3 years