20% pay cut.. will I get a mortgage on my full salary?

extremeshopper28

Hi I am new to MSE forum and I hope you all can help me! I have had an offer accepted on a house and I am planning on making my mortgage application but I am concered because for the month of May and June I have worked a 4 day week with a 20% pay cut due to corona pandemic. I will be back to full pay in July. The broker I am using, Trussle have advised a letter explaining will suffice but I am not sure. Also I have worked there for 3 months only currently. Will I have any issues applying?

Thrugelmir

Your broker is best placed to advise you. 

[Deleted User]

With an end date on the pay cut you should be fine with a couple of lenders.   Broker needs to do the legwork to ask the lenders but on the whole it should be fine

_AandL_

We had this happen to us. We had our mortgage offer and are close to exchange on a property but the lenders won’t extend the offer because my partner had taken a temporary 20% pay cut. Hopefully yours works out better than ours has. 

extremeshopper28

_AandL_ may I ask which lender you were using? I have asked my broker to check with the lenders they have proposed before I start the process. Fingers crossed!

_AandL_

extremeshopper28 said:

_AandL_ may I ask which lender you were using? I have asked my broker to check with the lenders they have proposed before I start the process. Fingers crossed!

We were using Aldermore

extremeshopper28

Update- asked Broker to check with providers and was told that I need a letter addressed to me confirming the pay cut will end on specific date plus confirmation of full time salary. Now I am struggling to get my application processed as the brokers are so busy they can't even pick up the phone!!

csgohan4

extremeshopper28 said:

Update- asked Broker to check with providers and was told that I need a letter addressed to me confirming the pay cut will end on specific date plus confirmation of full time salary. Now I am struggling to get my application processed as the brokers are so busy they can't even pick up the phone!!

Have you got the letter from the employer? If not the broker won't be able to proceed as you have been asked to provide this 

extremeshopper28

Hi csgohan4 yes I have the letter and have submitted all the documents but the broker is yet to submit the application due to how busy they are! Not sure how much longer I should wait?? 

jamielutz1987

@extremeshopper28 Has Trussle given you a recommendation yet - which lender/product etc and have you given them the go ahead to proceed?
If not, and if they are being unresponsive I would recommend going with another broker.
If you have an offer accepted, meet affordability and all  documents are ready then there should be brokers willing to take your business.

haras_n0sirrah

To be honest this is the problem with using a conveyor belt no fee broker like habito, trussle, london and country - they are so busy as they have to have a lot of cases to turn a profit and therefore you need to wait until they can get around to it. A broker there may have 30-40 cases a month to submit wheras a broker who charges a modest fee may do 10. This is also why they tend to only like 'vanilla' cases as they can turn them around quicker.
A fee charging broker can limit the number of cases they take on and therefore have more time to devote per case and be easier to get hold of.
You will either need to wait for the trussle broker to get to your case or if you want a speedier service maybe consider using a whole of market broker who charges a moderate fee who can get things done quicker.