Mortgage / wage rise
Discussion
I started a new job over a year ago and have just completed the apprenticeship.
With the completion came my final wage rise.
My partner and I are looking for our first house and I am keen on one that has come up locally. However with my recent wage rise it means I have no pay slips that show my new salary. I've been on lower salary for about 6 months.
So what would the deal be in going ahead with a mortgage application and saying salary is £xx when on paper it isn't showing that yet? Is it worth also considering my last few months payslips include bonus, overtime etc which could be in my favour?
With the completion came my final wage rise.
My partner and I are looking for our first house and I am keen on one that has come up locally. However with my recent wage rise it means I have no pay slips that show my new salary. I've been on lower salary for about 6 months.
So what would the deal be in going ahead with a mortgage application and saying salary is £xx when on paper it isn't showing that yet? Is it worth also considering my last few months payslips include bonus, overtime etc which could be in my favour?
Get your payroll to write a letter confirming your new salary. I've had to do this as my pay can fluctuate quite a bit due to additional payments and shift pay making my payslips utter carnage (they accepted that the shift pay constitutes a part of my salary despite appearing separately on the payslips).
BMR said:
I started a new job over a year ago and have just completed the apprenticeship.
With the completion came my final wage rise.
My partner and I are looking for our first house and I am keen on one that has come up locally. However with my recent wage rise it means I have no pay slips that show my new salary. I've been on lower salary for about 6 months.
So what would the deal be in going ahead with a mortgage application and saying salary is £xx when on paper it isn't showing that yet? Is it worth also considering my last few months payslips include bonus, overtime etc which could be in my favour?
Sounds like the current total income may be sufficient without needing the new salary figures? Difficult for anyone to advise without having sight of the pay slips......along with the lending requirements and the rest of your circumstances.....With the completion came my final wage rise.
My partner and I are looking for our first house and I am keen on one that has come up locally. However with my recent wage rise it means I have no pay slips that show my new salary. I've been on lower salary for about 6 months.
So what would the deal be in going ahead with a mortgage application and saying salary is £xx when on paper it isn't showing that yet? Is it worth also considering my last few months payslips include bonus, overtime etc which could be in my favour?
Got in touch with mortgage advisor, got a decision in principle. Viewed aforementioned house twice before putting offer in today.
Offer was what estate agent suggested would clinch it from seller and he's rejected it.
Now being first time buyer and that I'm just naive to how it all works.
House is valued in home survey report at 105k. It didn't sell for 2 months on market at offers over 95k and was lowered to offers over 85k.
I offered 90k and was told no, seller wants 95k. If he wanted that why not offers over 90k? Again just may be by naiveness being a first timer.
Offer was what estate agent suggested would clinch it from seller and he's rejected it.
Now being first time buyer and that I'm just naive to how it all works.
House is valued in home survey report at 105k. It didn't sell for 2 months on market at offers over 95k and was lowered to offers over 85k.
I offered 90k and was told no, seller wants 95k. If he wanted that why not offers over 90k? Again just may be by naiveness being a first timer.
BMR said:
Got in touch with mortgage advisor, got a decision in principle. Viewed aforementioned house twice before putting offer in today.
Offer was what estate agent suggested would clinch it from seller and he's rejected it.
Now being first time buyer and that I'm just naive to how it all works.
House is valued in home survey report at 105k. It didn't sell for 2 months on market at offers over 95k and was lowered to offers over 85k.
I offered 90k and was told no, seller wants 95k. If he wanted that why not offers over 90k? Again just may be by naiveness being a first timer.
Someone will be along but my advice is tell them its 90k or nothing, but be prepared to start looking again. Offer was what estate agent suggested would clinch it from seller and he's rejected it.
Now being first time buyer and that I'm just naive to how it all works.
House is valued in home survey report at 105k. It didn't sell for 2 months on market at offers over 95k and was lowered to offers over 85k.
I offered 90k and was told no, seller wants 95k. If he wanted that why not offers over 90k? Again just may be by naiveness being a first timer.
Hate people that try and move the goal posts
Yeh I said to solictor do we go back today and say that's our final offer, they suggested leaving it till Monday, to let us have a think.
Maybe make the seller think it over too. My mortgage advisor says she has seen this tactic work before!
The house whilst nice has been a rental property and has original kitchen, bathroom, boiler from when it was built 15 years ago. Garden too needs some
Tlc. So all this has been factored into my offer. The estate agent keeps coming back with what he paid for it 5 years ago but tbh it's not been kept to that standard.
Maybe make the seller think it over too. My mortgage advisor says she has seen this tactic work before!
The house whilst nice has been a rental property and has original kitchen, bathroom, boiler from when it was built 15 years ago. Garden too needs some
Tlc. So all this has been factored into my offer. The estate agent keeps coming back with what he paid for it 5 years ago but tbh it's not been kept to that standard.
"The estate agent keeps coming back with what he paid for it 5 years ago but tbh it's not been kept to that standard"
You can remind the agent / seller that's irrelevant!
It's worth what someone's willing to pay. Nothing to do with what he paid for it / would like it to be worth (British infatuation with property = profit"
I'd tell them your offer stands, you won't go higher and they can contact you is you wish to proceed.
With the utmost respect, as a FTB, this is unlikely to be your dream / forever home!?
Keep looking elsewhere (while Keeping your offer on the table).
You can remind the agent / seller that's irrelevant!
It's worth what someone's willing to pay. Nothing to do with what he paid for it / would like it to be worth (British infatuation with property = profit"
I'd tell them your offer stands, you won't go higher and they can contact you is you wish to proceed.
With the utmost respect, as a FTB, this is unlikely to be your dream / forever home!?
Keep looking elsewhere (while Keeping your offer on the table).
As you are a FTB even if they accept your 90k offer don't assume it will all go through from this point onwards.
You have to factor in that it often takes 2 or even 3 attempts to buy a property these days. Always, and I mean always keep looking at the market right up until the contracts are exchanged for other options. Only then will you know its almost certainly going to go ahead. They might drag contracts out for 4,5,6 weeks.
HTH.
You have to factor in that it often takes 2 or even 3 attempts to buy a property these days. Always, and I mean always keep looking at the market right up until the contracts are exchanged for other options. Only then will you know its almost certainly going to go ahead. They might drag contracts out for 4,5,6 weeks.
HTH.
red_slr said:
As you are a FTB even if they accept your 90k offer don't assume it will all go through from this point onwards.
You have to factor in that it often takes 2 or even 3 attempts to buy a property these days. Always, and I mean always keep looking at the market right up until the contracts are exchanged for other options. Only then will you know its almost certainly going to go ahead. They might drag contracts out for 4,5,6 weeks.
HTH.
From the sounds of it (offers over, solicitors), it sounds like the OP is in Scotland, so shouldn't have that issue You have to factor in that it often takes 2 or even 3 attempts to buy a property these days. Always, and I mean always keep looking at the market right up until the contracts are exchanged for other options. Only then will you know its almost certainly going to go ahead. They might drag contracts out for 4,5,6 weeks.
HTH.
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