NatWest - Increased Salary Letter

SID101

Hi All - so NatWest have approved our mortgage. However wife has managed to negotiate an increased salary in interim in same role, same company. We have gone back to NatWest to increase the mortgage amount. However we only have the confirmation letter and no payslip (won’t be available to end of month). Will NatWest accept letter? How longer likely before they come back with decision? Many Thanks 

tacpot12

An opinion here is of little value when you have already asked NatWest. Just wait for them to let you know. 

SID101

Just wanted to know other people’s opinion who have been in similar position with NatWest so I know when to start thinking of plan b.

TheJP

What size of salary increase are you looking at and what size of mortgage increase are you wanting? If the salary has increased between £1-5k and you want to borrow an addition £20k then i don't see that happening unless at the time you could have borrowed more. What will the mortgage amount increase do to the LTV/what are the reasons for the increase. You may be ok affordability wise but the lender may decline due to the reasons of borrowing more.

When i mortgaged my increase of salary (£6k) didn't change anything, i wanted to borrow more but the affordability criteria is stricter now due to the interest rates hike.

kingstreet

IIRC NatWest requires latest payslip at increased level but it's ages since I had such a case.

folkestonelisa

Hi, I sent just a letter for my pay rise taking effect from the 01 March, in Feb and this was accepted fine 😁

SID101

Thanks folkestonelisa that very useful to know. Fingers crossed 🤞 

TheJP

You haven't answered the question on how big the increase is and the additional amount/why you want to borrow more? You also say this increase is interim which should be stated in the letter as that will have an impact.

JMA74

TheJP said:

You haven't answered the question on how big the increase is and the additional amount/why you want to borrow more? You also say this increase is interim which should be stated in the letter as that will have an impact.

None of this is relevant and just comes across as nosey.   The pay increase letter will either be accepted or it wont.  

Your 2nd sentence doesnt make any sense unless you have got the meaning of 'interim' wrong.  It just means that between initial application and now there has been a payrise.  I assume you are getting confused with 'temporary' 

SID101

Thanks JMA74 - that is correct -  we had applied and offer letter received and got a rise afterward.

EstherHazey

Hi @SID101 - did you hear back from Natwest on this? I'm in exactly the same boat. My mortgage advisor said I had to wait for the payslip (which may be too late as hoping to exchange before then). If he's wrong I'll just approach NatWest directly because essentially his job is done now, but don't want to go behind his back otherwise. I'm in receipt of a mortgage offer and I've got a small rise starting April (but not paid til end of April) I'd like to borrow on if I can.