Mortgage and recent pay rise

jsj25

Hi everyone,

This past week, my employer confirmed to me that I would be receiving a promotion and a pay rise. As I've effectively been doing the new job for several months anyway, they have backdated the pay rise to March.

I am at the stage now where I am looking to purchase a property, and the increase in my salary has naturally increased the amount I'll be able to borrow. As the pay rise has only just been confirmed, I don't yet have any pay slips reflecting the new amount. Assuming I pass all affordability checks, would I be correct in thinking that I'd be able to get approved for mortgages immediately based on the new salary if I am able to provide written proof? (I've already had it offered in writing but I could also ask my HR department for a letter to confirm). Or will I realistically need to wait a few months before speaking to lenders?

Thanks in advance for your help. There's so much I'm trying to learn about the process of buying a property for the first time and there's a lot to get my head around!

sam121285

Hello 

I asked my employer to write me a letter stating my salary and that I was on a permanent contract. Make sure it’s on letter headed paper and contains contact details should they need to check. 

jsj25

That's great - thanks for this!

Thrugelmir

By the time you find a property and reach the application stage for a mortgage. You may well received a payslip. 

corcutt

Thrugelmir said:

By the time you find a property and reach the application stage for a mortgage. You may well received a payslip. 

Yeah the process takes months...