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Work out annual income

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I have been asked to provide my annual income by a mortgage lender and I don't know how to work it out.

My wages are totally different from month to month.

Replies

  • MovingForwardsMovingForwards Forumite
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    Is it in your contract?
    Do you receive bonuses or is it due to overtime your wage changes?
  • MarconMarcon Forumite
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    Give details of your rate of pay. If it's an annual salary + bonus, say so. If it's hourly paid and related to hours worked, give the hourly rate of pay and the hours for which you are contracted (either weekly or monthly) plus a note indicating whether you regularly work overtime and, if so, the rate of pay.
  • Rover7895Rover7895 Forumite
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    Is it in your contract?
    Do you receive bonuses or is it due to overtime your wage changes?
    No bonuses, I work 61.5 hours every week at a rate of £9.37 and that's the only info in the contract, no mention of yearly salary.
  • MarconMarcon Forumite
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    Rover7895 said:
    Is it in your contract?
    Do you receive bonuses or is it due to overtime your wage changes?
    No bonuses, I work 61.5 hours every week at a rate of £9.37 and that's the only info in the contract, no mention of yearly salary.
    Then that's what you quote.

    But if you work the same hours every week at the same rate, why do you say your wages are 'totally different' each month?
  • Rover7895Rover7895 Forumite
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    Marcon said:
    Rover7895 said:
    Is it in your contract?
    Do you receive bonuses or is it due to overtime your wage changes?
    No bonuses, I work 61.5 hours every week at a rate of £9.37 and that's the only info in the contract, no mention of yearly salary.
    Then that's what you quote.

    But if you work the same hours every week at the same rate, why do you say your wages are 'totally different' each month?
    Okay thanks.

    My company work it out as a 4 week or 5 week month for some reason. So January, February and March this year have fluctuated.
  • AskAskAskAsk Forumite
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    if you have worked for more than 12 months, then just add up the last 12 payslips.  this will be good enough.
  • Savvy_SueSavvy_Sue Forumite
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    do your payslips not give your 'year to date' figures? If they do, then the total YTD figures on your March payslip will be the ones to go for. 
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
  • Rover7895Rover7895 Forumite
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    Savvy_Sue said:
    do your payslips not give your 'year to date' figures? If they do, then the total YTD figures on your March payslip will be the ones to go for. 
    They do yes, thank you for pointing that out for me Sue.
    The only figure I seem to take notice of is the net pay :blush:
  • Savvy_SueSavvy_Sue Forumite
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    Rover7895 said:
    Savvy_Sue said:
    do your payslips not give your 'year to date' figures? If they do, then the total YTD figures on your March payslip will be the ones to go for. 
    They do yes, thank you for pointing that out for me Sue.
    The only figure I seem to take notice of is the net pay :blush:
    That's a good start! I hope though that you also compare this month's net pay with last, and work out why if they differ!

    You'll get your P60 soon too.
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
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