Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • Krissy92
    • By Krissy92 9th Feb 18, 7:45 PM
    • 2Posts
    • 0Thanks
    Variable pay every month and mortgage application
    • #1
    • 9th Feb 18, 7:45 PM
    Variable pay every month and mortgage application 9th Feb 18 at 7:45 PM
    Hi everyone.
    First time posting but have been reading the forum for a while. Going to see a mortgage advisor on Tuesday but hope I can get some answers beforehand.
    So basically I work as a restaurant supervisor on hourly rate (not salaried) and as so my pay check is different every month depending on the hours I!!!8217;ve worked and tips I!!!8217;ve received. My question here is how would the lender calculate the amount they could offer? Is it going to be avaraged from the last 3 payslips ( I am paid every 28 days) and then added up as a yearly figure or would it be better for me to wait till end of tax year in April and use P60?

    Thanks in advance!
    Last edited by Krissy92; 09-02-2018 at 7:58 PM.
Page 1
    • kingstreet
    • By kingstreet 9th Feb 18, 7:50 PM
    • 33,174 Posts
    • 17,911 Thanks
    • #2
    • 9th Feb 18, 7:50 PM
    • #2
    • 9th Feb 18, 7:50 PM
    Probably average of latest six months payslips backed up by a P60 or two. If not, an employer's reference for contractual hours with anything above that taken as overtime, averaged and 50% taken.

    Different lenders take different approaches. A decent broker will establish the right way forward.
    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.
    • Krissy92
    • By Krissy92 9th Feb 18, 8:05 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 9th Feb 18, 8:05 PM
    • #3
    • 9th Feb 18, 8:05 PM
    Thank you for the quick reply, kingstreet!
    I am contracted on 30 hours per week but have been doing between 40-45 for the last 5-6 months so would you think it will help if I ask my employer to change my contract to 40hrs/wk (he has done it for another employee before) in order to avoid having a big chunk of it declared as overtime on the application?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,135Posts Today

7,242Users online

Martin's Twitter
  • I've decided my weekend starts here while the sun's glow is still baskable. So I'm signing off. Have a great weeke?

  • No not correct. The big six do, but you can get fixed tariffs guaranteed not to rise and about 25% cheaper. Just tr?

  • Baaaa! Scottish Power has bleated and followed the herd, today announcing it's putting up energy prices by 5.5%. R?

  • Follow Martin