Urgent mortgage help!!!

sullycat1

I applied for a mortgage back in June. I was due to start increased hours in September and the mortgage was approved in August with my new salary. I received a formal mortgage offer with no conditions.

Roll on September and I have major childcare issues I was not able to start 4 days a week (from 3). This week I have been able to start 4 days a week.

Do I need to tell my mortgage advisor that I was not able to start the higher hours in September but I am on them now as I have sorted out childcare. I have been told by the mortgage advisor company that they are not going to need to see payslips before completion of the higher wage. However, I feel I need to disclose this information.

I am due to exchange next week. Thank you from a very worried person! I have not slept in 2 days worrying about it all.

Dboy14

I'm waiting to complete on my new mortgage as well so I totally get the stress your under....I have to tell you straight though - you are worrying about absolutely nothing at all.


You were given the mortgage offer based on you working a certain amount of hours at the time the mortgage begins. They didn't give the mortgage offer based on you starting the new hours in September, they gave you it based on what your salary will be next week when you complete. You are now on the higher hours therefore you are doing exactly what you said you would.


There is nothing to tell your mortgage company, seriously its fine. Chill.

sullycat1

I did have to have a letter from my employer stating that from 1st sept I will be working more.

Do you still think I don’t need to tell them?

Tomg84

I think it depends on how the mortgage application was submitted and the information they used to make the offer.

If the offer was made from the mortgage company based upon your increase your hours then they need to know. If the offer was based upon your old hours then there nothing to tell.

It sounds like from your post the offer was based on your new higher salary so you do need to tell them.

Dboy14

The letter was just to confirm your new hours which would be in effect at the start of the mortgage. The mortgage company will have accepted the new hours and factored your expected pay in when doing your affordability calcs. It doesn’t matter if there was a delay so long as by the time the mortgage starts your on the new hours.

I’m sure a mortgage advisor will be along shortly to give you a more formal answer but there’s no logical reason at all for the mortgage company to be told. Your not hiding anything, it just doesn’t have any bearing at all on your affordability if you started in Sept or Nov. So long as it’s before completion, which it is.

It’s easy for me to sit and give out advice but trust me I know how stressful it is. I’m losing sleep as well!

sullycat1

Tomg84

It is based upon the higher earnings, which as of this week I am earning. So you do think that because I haven’t been earning it since sept as originally thought to be I need to tell them?

Do you think it will affect the outcome as by the time we complete I will have been on the higher wage?

sullycat1

Ahh it’s such a minefield I’m so tired literally not sleeping, so stressed out.

Dboy14

Your application was based on the higher earnings. Your now on the higher earnings. It doesn’t matter when it started. You don’t have to tell anyone anything. If you were going to be staying in the lower earnings then yes obviously you would have to tell them so that your affordability could be recalculated, but this isn’t the case.

sullycat1

Dboy14 literally as of this week though. If we exchange next week and they ask for proof of earnings then I wil only be able to provide 1 weeks payslips to them.

Dboy14

Exactly! As of now your on the new salary, it’s this salary that was used to calculate affordability. You weren’t paying the mortgage in September or October. You will be paying it from now on, and from now on you will be getting paid the new salary. If for some reason the lender decided that they wanted proof that the new wage had definitely come into effect then you would just get another letter. You don’t need a payslip to prove that

Tomg84

If you're on your higher earnings now and before the mortgage starts then no need to worry as that's what the affordability is based upon and before the mortgage starts. If I were in your shoes I would probably tell my mortgage as it may have said this on your application but I don't see why it would be a problem as you're now on it anyway.

Go and enjoy your Saturday