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Remortgage and overtime/yearly allowance
bigstevex
Posts: 919 Forumite
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.
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.
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Comments
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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.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.1
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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!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.
Will show as ‘operational allowance’ on payslips0
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