Remortgage and overtime/yearly allowance 21 February at 10:38AM in Mortgages & endowments 2 replies 82 views

bigstevex

Heading towards remortgage time and due to splitting with partner I need to explore taking the mortgage alone/buying out.

I'm about to have a yearly allowance added to my salary for working extra shifts of around 11K which would be a great help to salary calculation.  The only issue is it would be applied 1-2 months before I get the remortgage.  How many months of proof would a bank want to see it being paid?  At present I've looked at Yorkshire bank but I am aware there are lower rates now out there than 3.99 I found so I'd probably head to a broker this time as I could do without the stress at the same time as the divorce.  LTV would be around 60-65% as I'd need to release some equity to buy out too.

kingstreet

Permanent shift allowance would usually be included 100% for affordability and if you don't have three payslips there are lenders who would get an employer's reference. Some others may accept an allowance on a single month's payslip too.

bigstevex

kingstreet said:

Permanent shift allowance would usually be included 100% for affordability and if you don't have three payslips there are lenders who would get an employer's reference. Some others may accept an allowance on a single month's payslip too.

Thank you, I’ll push work to get it on next month, would give me 3 then if I’m lucky on timing of application etc!

Will show as ‘operational allowance’ on payslips