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  • FIRST POST
    • klloyd89
    • By klloyd89 10th Jan 18, 6:35 PM
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    klloyd89
    Mortgage advice overtime
    • #1
    • 10th Jan 18, 6:35 PM
    Mortgage advice overtime 10th Jan 18 at 6:35 PM
    Good evening

    Looking for some advice I am looking to buy a property within a couple of years but struggling to find a bank to lend me enough money.
    I am in a job that I can get as much overtime as possible up 84 hours a week if I really wanted it. But my question is when I apply for the mortgage could I do say 60 hours a week for 3 months prior to applying so my basic is 25k but with regular overtime make it look it like it up to around 38k a year?

    How long will banks want proof of overtime and bank statements?
Page 1
    • No Credit Expert
    • By No Credit Expert 10th Jan 18, 7:40 PM
    • 5 Posts
    • 1 Thanks
    No Credit Expert
    • #2
    • 10th Jan 18, 7:40 PM
    • #2
    • 10th Jan 18, 7:40 PM
    Would it not say on your payslip what your yearly income is/basic rate?

    When they are calculating the mortgage I believe they look at the basic rate for affordability, you may have it made with overtime work right now but should circumstances change are you going to be able to afford a mortgage intended for someone on a 38k basic income?

    I would say you need to look at either mortgages with a higher LTV, guarantor mortgages (if possible) or simply save a much bigger deposit to open more deals to you.
    • klloyd89
    • By klloyd89 10th Jan 18, 8:20 PM
    • 8 Posts
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    klloyd89
    • #3
    • 10th Jan 18, 8:20 PM
    • #3
    • 10th Jan 18, 8:20 PM
    My wage slip simply says how many hours worked and at what rate and I get paid the same rate for overtime
    • Mortgage_Adviser
    • By Mortgage_Adviser 11th Jan 18, 9:12 AM
    • 134 Posts
    • 47 Thanks
    Mortgage_Adviser
    • #4
    • 11th Jan 18, 9:12 AM
    • #4
    • 11th Jan 18, 9:12 AM
    There are lenders who would go with 3 months figures as you would wish and take 100% of those. You need a mortgage broker for this.
    • klloyd89
    • By klloyd89 11th Jan 18, 1:49 PM
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    klloyd89
    • #5
    • 11th Jan 18, 1:49 PM
    • #5
    • 11th Jan 18, 1:49 PM
    Would they want more than 3 months of bank statements or would it be 3 months of them too?
    • Thrugelmir
    • By Thrugelmir 11th Jan 18, 6:03 PM
    • 58,891 Posts
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    Thrugelmir
    • #6
    • 11th Jan 18, 6:03 PM
    • #6
    • 11th Jan 18, 6:03 PM
    Would they want more than 3 months of bank statements or would it be 3 months of them too?
    Originally posted by klloyd89
    You would need to declare what your basic salary is on the mortgage application form. Likewise the amount you earn in overtime.

    Turning the question around. How much are hoping to borrow?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • klloyd89
    • By klloyd89 11th Jan 18, 8:21 PM
    • 8 Posts
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    klloyd89
    • #7
    • 11th Jan 18, 8:21 PM
    • #7
    • 11th Jan 18, 8:21 PM
    Around 220k

    I'm on 22.8k basic with 1.6k guaranteed shift allowance and doing the extra overtime over the 3 months if I were to do it permantly it would work out an extra 12k on overtime annually. We have 3 children so will have 2.4k child benefit and then wife gets 12k a year
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