Wages / Mortgages

[iwbus]

If you go for a mortgage the lender will make a descision about how much they will lend you based on how much you are paid. Do they ask you and you have to prove it? If so, how? My weekly wage packet various depending on what hours I work so I don't have the same take home figure each week and if they ask for the last 2 wage slips they might be poor weeks and affect the amount they will lend me. Does that make sense?!?!

[Oneeyedvic]

Yes it does make sense. Most lenders will require proof of earnings.

This is normally done in one of three ways:

1. Last 3 months Bank statements


2. Last 3 payslips


3. P60

The P60 is probably your best bet as it will show how much you earnt in one year - the lender will simply divide this by 12 and work out your average salary.

[vicars]

The lender can see how much you are earning based on your payslips and also year to date figures on those payslips. If your earnings are quite varied they can also ask for an employers reference giving basic income details and estimated overtime. However they should be able to rely on your last P60 in conjunction with your latest payslips. This is important as you may be able to show that your earnings to date are relatively higher than your earnings last year and so give you a higher mortgage advance.

[theo_wyvern]

yeah, three months info for me i think, they will probably base their decision on the lowest amount you can earn.