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Gross or Net pay?
Ellalou
Posts: 70 Forumite
I’m going through all our finances and trying to get things in order.
Our fixed rate deal on our mortgage is coming to an end in May (not great timing with the way things are!).
My question is when lenders are considering mortgage applications do they look at Gross or Net Pay? I’m sure some are different but what is typical?
Our fixed rate deal on our mortgage is coming to an end in May (not great timing with the way things are!).
My question is when lenders are considering mortgage applications do they look at Gross or Net Pay? I’m sure some are different but what is typical?
We haven’t remortgaged in a while, we are under of how stringent mortgage companies are just now and what they look at the most?
We both earn a decent salary - me, gross £48500 and he is £35000 gross. Net looks different obviously, I pay a large part of my salary into my pension.
Thanks :-)
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Comments
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Gross pay.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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interesting, thanks!0
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Believe the lender will likely ask to see payslips, so they’ll get to see both gross and net amounts1
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If your stretching yourself it might be worth reducing your pension contributions for the next few months...
Add them into your pension after completion1 -
Thanks, yeah it’s about £530 per month gets deducted for my pension! Quite a lot..but have to consider this long term, I’ll be glad of it later in life!0
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If they ask for annual then its normally gross, if they ask for monthly then its normally net.
Mortgages are normally asking for annual income.0
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