Mortgage affordability - overtime

macys

Hello,
As the title suggests, we are looking to buy a house but are not sure whether we can afford to buy where we live as the area is so expensive. We've always done overtime at work to boost our income. My question is: would we be able to get a mortgage with a high street lender of around £275k - 280k? Would our overtime earnings be considered when it comes to mortgage affordability?
My basic salary is £21.8k, plus overtime of £9k. Partner makes £19.3k, plus overtime of £5.7k (once he qualifies he'll be earning 40k basic salary, plus overtime and bonus). He also has a second job which pays him another £5k - he has been doing this job for 4 years now, this is not something he'll ditch once/if we get the mortgage.
Is this achievable?
Thanks for your help and advice!

Whats_your_forte

With some lenders if you are getting the overtime each month and this is consistent over the last 3 months, then they can usually use 100% of this. Also, as the 2nd job seems sustainable based on the fact he has been doing this for 4 years, then again, you can use all of this. 

You then apply either 4.5 times this figure or 4.75 and you should be close to the number needed (however existing commitments could bring this figure down like credit cards, loans, student loans, 20 kids....)

macys

Whats_your_forte said:

With some lenders if you are getting the overtime each month and this is consistent over the last 3 months, then they can usually use 100% of this. Also, as the 2nd job seems sustainable based on the fact he has been doing this for 4 years, then again, you can use all of this. 

You then apply either 4.5 times this figure or 4.75 and you should be close to the number needed (however existing commitments could bring this figure down like credit cards, loans, student loans, 20 kids....)

Thank you for this info! We haven't got any dependants or debts. We have each a credit card but we have always paid it off in full at the end of each month. Hopefully we will get the mortgage we need  

Hayley20013

I know when I took my mortgage out with Santander they were allowed to take my overtime into account as it showed on the last three pay slips. So I would just try and make sure you get as much overtime in during the three months leading up to your application!