Unpaid leave on payslip while applying for mortgage

luaive

Getting a bit worried that I took a week unpaid in march, (I'm paid monthly) and then circumstances meant my husband and i have started looking to buy rather than rent (that we have been doing past 18 years) we have not started our mortgage application, but my husband wants to start after the bank holiday weekend. Stressed that the week unpaid will affect our mortgage application or the amount we can borrow. Have been with my employer since 2009. 

dannim12345

I don’t know but you provide a few months of payslips and give your salaries so one being slightly less but explainable I wouldn’t think would be an issue. 

propertyrental

what did your mortgage broker say?

GDB2222

luaive said:

Getting a bit worried that I took a week unpaid in march, (I'm paid monthly) and then circumstances meant my husband and i have started looking to buy rather than rent (that we have been doing past 18 years) we have not started our mortgage application, but my husband wants to start after the bank holiday weekend. Stressed that the week unpaid will affect our mortgage application or the amount we can borrow. Have been with my employer since 2009. 

Do you have a steady monthly salary, which doesn't vary, or do you have overtime etc, so your salary changes a bit each month? 

born_again

Usually they will want at least 3 months wage slips.

luaive

Sorry!! Uber late replying 😑 3 months should be okay apparently funds locked in to high interest until July, so by then I should be clear 🙏 Salary is mostly the same, unless i have holiday pay, I don't like working the hrs I have to, let alone more 😂😂 Not spoken to financial advisor yet, probably once we find a place we like and more importantly can afford!! 

Mutton_Geoff

luaive said:

Sorry!! Uber late replying 😑 3 months should be okay apparently funds locked in to high interest until July, so by then I should be clear 🙏 Salary is mostly the same, unless i have holiday pay, I don't like working the hrs I have to, let alone more 😂😂 Not spoken to financial advisor yet, probably once we find a place we like and more importantly can afford!! 

It's a mortgage broker you need, not a financial advisor. How do you know how much you have to spend if you don't know (accurately) how much you can borrow yet?

Herzlos

Does your payslip show your normal pay with a deduction for the unpaid week? If so then the mortgage lender will likely just ask if it's a normal thing or not. I did the same with our purchase and Natwest were fine with me taking a couple of unpaid weeks off on the basis it wasn't a regular occurrence.

luaive

It's a mortgage broker you need, not a financial advisor. How do you know how much you have to spend if you don't know (accurately) how much you can borrow yet?

Ahh that was in reply to a past comment. Regarding the mortgage broker I have done a quick mortgage app through my bank can't remember what they call it now, but I have an idea what mortgage we might be offered.

luaive

Yhea it shows each week separately and the hours and unpaid leave is separate again. Feel more assured now that it's not going to be an issue 😁