using overtime to help get a mortgage

Adele79

Hi, I am considering purchasing a new build property and looking to get an agreement in principle. i have worked quite a few hours overtime in the last few months and want to use this to help get a bigger mortgage. I have been told that the new build property is likely to be up to 6 months away to be ready. The overtime i have worked will shortly be coming to and end as my employers are cutting down on this. Will lenders check again that I am still doing overtime when the new build is ready to purchase and seek up to date payslips or will they still use my existing payslips that show my overtime for April,May and June? This could hit my affordability by a few thousand

Sistergold

There is the element of need to disclose, having said that precovid they did not check but post-Covid I suspect they might just want to check as no one is sure about people having overtime let alone keeping their jobs. 

csgohan4

Overtime depends on lenders, some use 50%, some less, some more, but as you have mentioned yourself, your overtime is going to cut soon so that overtime will not be relevant as it is a change in financial status and you must be honest with lenders.

They can and will ask for wage slips before completion and if they find a discrepancy, the offer will be pulled and you will liable for costs by the vendor.  
https://www.nhunter.co.uk/