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Post Coronavirus Mortgage Application
Summer69
Posts: 108 Forumite
Hi guys,hope you are all safe and well.
I work in the travel industry and I am currently working full time but on 50% pay cut (20% pay cut from my standard salary and no commission which amounts to approx 30% of the rest of my salary.) which will be for 3 months and then reviewed. Before all this, I was about to try and get on the property ladder after working hard and saving forever, which is obviously not going to happen now. However, I wanted to know if anyone knows what will happen when life returns to normal and I am back on my full pay (hopefully!) - because I earn commission, most mortgage lenders want to see 3-6 months worth of previous payslips. Am I going to have to wait until I have 3-6 months of full pay again or will they take into account the fact that I was on 50% pay cut? And how do I prove this to them? Would they need evidence from my company etc?
Thank you!
I work in the travel industry and I am currently working full time but on 50% pay cut (20% pay cut from my standard salary and no commission which amounts to approx 30% of the rest of my salary.) which will be for 3 months and then reviewed. Before all this, I was about to try and get on the property ladder after working hard and saving forever, which is obviously not going to happen now. However, I wanted to know if anyone knows what will happen when life returns to normal and I am back on my full pay (hopefully!) - because I earn commission, most mortgage lenders want to see 3-6 months worth of previous payslips. Am I going to have to wait until I have 3-6 months of full pay again or will they take into account the fact that I was on 50% pay cut? And how do I prove this to them? Would they need evidence from my company etc?
Thank you!
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