Getting a mortgage based an employers letter stating wage increase

E34wewderr

Hello 

I dont know if anyone can help, but I'm looking at taking a mortgage with my partner and we have been accepted with a DIP from Nationwide. My partner earns about 17k and I earn 23k. But the reason for the mortgage is I have been offered a new position with in the company that I have worked for for the past 18 years. Its a new posistion for me but my wage is increasing by just over 100%. The position within the company is in management and im due to start on the 1st of October 2021. 

My question is does this look dodgy to he underwriter as I'm in receipt of a 100% pay rise. I have a letter from my employer stating the new salary and that it will start on the 1st October. My broker has said that there are a 3 lenders that will take a letter of employment, Nationwide, TSB and Halifax. We have put the full palliation with Nationwide. 

I have read on the internet that some banks or under writers look at something called "Staged Income" The reason I'm over thinking this is because my rise isn't a few grand its nearly 20K increase, but its a new management posistion so the rise is justifiable. Will this be picked up as looking suspect. From October I will be able to provide on going pay slips that will show my new increased wage and it will be recorded with HMRC but for now it wont be as im still on my regular wage that I have been receiving. 

The house we are buying is £320k we have a £56k deposit from our existing house equity and we both bank with Nationwide and have done for the past 12 years. We also had a mortgage with Nationwide 2 years ago. We have excellent credit and both me and my partner has worked for our employers for many years. 

Any advice or past experience would be appreciated 

Thanks in advance 

Angela_D_3

I think this has been my issue,  i went from self employment to £18,000 over covid to £55,000 which is the correct salary for my self employed role within a company.  But ive been turned down.
if theres anyway you can hang on until the actual first pay slip is in your hand i would 

FashionHeart

E34wewderr said:

Hello 

I dont know if anyone can help, but I'm looking at taking a mortgage with my partner and we have been accepted with a DIP from Nationwide. My partner earns about 17k and I earn 23k. But the reason for the mortgage is I have been offered a new position with in the company that I have worked for for the past 18 years. Its a new posistion for me but my wage is increasing by just over 100%. The position within the company is in management and im due to start on the 1st of October 2021. 

My question is does this look dodgy to he underwriter as I'm in receipt of a 100% pay rise. I have a letter from my employer stating the new salary and that it will start on the 1st October. My broker has said that there are a 3 lenders that will take a letter of employment, Nationwide, TSB and Halifax. We have put the full palliation with Nationwide. 

I have read on the internet that some banks or under writers look at something called "Staged Income" The reason I'm over thinking this is because my rise isn't a few grand its nearly 20K increase, but its a new management posistion so the rise is justifiable. Will this be picked up as looking suspect. From October I will be able to provide on going pay slips that will show my new increased wage and it will be recorded with HMRC but for now it wont be as im still on my regular wage that I have been receiving. 

The house we are buying is £320k we have a £56k deposit from our existing house equity and we both bank with Nationwide and have done for the past 12 years. We also had a mortgage with Nationwide 2 years ago. We have excellent credit and both me and my partner has worked for our employers for many years. 

Any advice or past experience would be appreciated 

Thanks in advance 

I would wait until you start your job.
This actually happened to me when I applied for my mortgage in July this year, but my wage had increased because I passed my probation at my new job.
But if you're not sure, then I would wait until you get your first payslip.