Overtime etc Taken into Account for Mortgages?

[expensivegarms]

Looking to get a mortgage at some point in the next few months, and was wondering if mortgage companies took into account standby retainers, overtime, London weighting and bonuses? It would make a massive amount of difference to how much I can borrow if so!

My basic at the moment is 26000. Add in London weighting and also standby retainers which are rota'd and I'm on around 34k. Add in overtime, which is regular, but not guaranteed, then this year I'm on around 58k. As you can see, if this is taken into account then I can afford to get something decent!

Affordability shouldn't be a problem, I have a credit card which has around £300 on it which will be paid off next pay day, and no other debts.

Thanks for your help in advance.

[Ste1987]

They will take into account any other earnings

[Sarnie]

expensivegarms said:

Looking to get a mortgage at some point in the next few months, and was wondering if mortgage companies took into account standby retainers, overtime, London weighting and bonuses? It would make a massive amount of difference to how much I can borrow if so!

My basic at the moment is 26000. Add in London weighting and also standby retainers which are rota'd and I'm on around 34k. Add in overtime, which is regular, but not guaranteed, then this year I'm on around 58k. As you can see, if this is taken into account then I can afford to get something decent!

Affordability shouldn't be a problem, I have a credit card which has around £300 on it which will be paid off next pay day, and no other debts.

Thanks for your help in advance.

Yes.

100% for basic, london weighting and maybe the standby payments if they are contant and consistent.

The variable overtime taken will vary from lender to lender.....most will take the average of the last 3-6 months and annualise it and take a percentage of that figure.....

[worsy]

Ste1987 said:

They will take into account any other regular and contracted earnings

Edited for accuracy.

Items that are not regular such as bonuses, may be added as a %age.

[expensivegarms]

Thank you all, that's good to hear. Is it still 4 times your salary that you can borrow?

[Sarnie]

expensivegarms said:

Thank you all, that's good to hear. Is it still 4 times your salary that you can borrow?

Depends on the LTV and the lender........max will be 5x income....