Could this affect mortgage offer? P60 missing previous years earnings from another employer

gcpbuyer

Hi guys 

I have a mortgage offer in principle and I'm borrowing £300,000.

I'm waiting on the lender to make an offer after they assess my documents. They've come back and requested my P60 going back 3 years . 

However, I notice that my P60s are missing 'In previous employment' pay for 2019 and 2020. 

This makes it look like I've earned slightly less as it doesn't include pay from my previous job in 2018 (tax year 2019). 

So over the last 3 years my salary has gone from 
£33k
£48k
£60k
£80k 

A nice jump in salary, but I'm worried that the lender may think I haven't earned enough for long enough. Could this information affect my mortgage offer? 

Many thanks

MovingForwards

P45s / payslips / bank statements to show the income earned for each job and cover the missing years?
Have you applied via a broker or direct to lender? The former can check with the lender to see if they will accept alternative proof, the latter you will have to ask them.

gcpbuyer

Thanks - yeah I'm applying through a broker but haven't heard back from them yet. It's all very slow at the moment. 

Is there an issue with suddenly getting a bump in salary? I've been earning around £80k per year since October 2020, and my current pay slips dating back 3 months shows this.

Do lenders usually require a few years of this kind of salary to borrow? Thanks

Caracal

I was also fortunate enough to get a payrise (only 6 weeks prior to submitting my application!) and my broker advised that I could get a signed letter from the directors of my company stating my payrise amount and the fact that it was permanent etc. I wonder if something similar could be arranged for you?

Angela_D_3

Ive just been offered £200,000 with one months payslip.  

Send what you have and tell them to get on with it before ypu change yoyr mind and ho elsewhere 

justworriedabit

Good evening OP

Banks statements but an easier route, phone employer they will email you the p60. they have to hold on to p60's for 3 years at least.

dharm999

gcpbuyer said:

Hi guys 

I have a mortgage offer in principle and I'm borrowing £300,000.

I'm waiting on the lender to make an offer after they assess my documents. They've come back and requested my P60 going back 3 years . 

However, I notice that my P60s are missing 'In previous employment' pay for 2019 and 2020. 

This makes it look like I've earned slightly less as it doesn't include pay from my previous job in 2018 (tax year 2019). 

So over the last 3 years my salary has gone from 
£33k
£48k
£60k
£80k 

A nice jump in salary, but I'm worried that the lender may think I haven't earned enough for long enough. Could this information affect my mortgage offer? 

Many thanks

Your P60 only shows income for each tax year, so will miss income for previous tax years.  The employer who you were employed with at the end of each tax year would be the one you need to chase for copies of missing P60s

justworriedabit

Angela_D_3 said:

Ive just been offered £200,000 with one months payslip.  

Send what you have and tell them to get on with it before ypu change yoyr mind and ho elsewhere 

Which outfit was that and was it in the UK or do you have property worth a lot of money where as they know if you don't pay they will sell your property and easily recover their money, interest and all costs.

Othrwise, I've yet to meet any real lender will to lend 200k on one payslip.

[Deleted User]

Angela_D_3 said:

Ive just been offered £200,000 with one months payslip.  

Send what you have and tell them to get on with it before ypu change yoyr mind and ho elsewhere 

Very few people will be able to lend on the basis of one payslip, OP included, but congratulations on your offer.

Angela_D_3

[Deleted User] said:

Angela_D_3 said:

Ive just been offered £200,000 with one months payslip.  

Send what you have and tell them to get on with it before ypu change yoyr mind and ho elsewhere 

Very few people will be able to lend on the basis of one payslip, OP included, but congratulations on your offer.

The Halifax- 25% deposit