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hourly paid how much mortgage?
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What industry, because that doesn't sound true!
It is true, that is HMRC's scale rate for hauliers.
Employers in certain lines of work are allowed to pay a flat rate allowance tax-free instead of getting receipts. Makes sense for something like a haulier where they're needing to claim meals away from home routinely but rarely in an office to be able to put in proper expense claims. There is nothing dodgy about this.
https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim66205
However it isn't income as it is supposed to be for spending on food so I don't think it should be counted for mortgages, in the same way that I can't include the amounts my employer reimburses me for when I make expense claims.0 -
With it being zero hours you will want to go through a decent broker, as it does raise questions I'm only contracted for 27 hours but have additional zero contract seasonal hours on top, it was queried due to my payslips layout , so I had to provide a employment contract letter that explains my set up and they were happy to include my full income.0
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A 0 hour contract is not a deal breaker as such. It is just a case of speaking to the lenders and seeing what they will use to work out your income.
Some will use the last 3 months and average out, others 6 months, others 12 and other 24 months. Some will only use 60%, others 50% and so on. The options out there vary massively there is not really a general rule of thumb. Just to add to that, the lenders who use 60% might still lend enough for what you need.
It is not difficult to place as such, it is just very time consuming as it is a case of cross referencing your income against criteria and then plugging it in a calculator.I am a Mortgage AdviserYou 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.0 -
wallace570 wrote: »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.
Are you married? If so the 3% would still apply to you even if you bought solely in your name.Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.0
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