PAYE is the most common way to be paid in the UK. Common worries often include how long you have been in the job and whether overtime, bonus or commission can be used to assess affordability.
A long track record helps but isn’t crucial to qualify for a mortgage, lenders are happy with probation periods and income from new employment. The best way to find out how your income can be calculated will be by speaking to one of our advisors.
Most lenders will use your average income over the last two or three years and most lenders can use a combination of salary, dividends and retained profit when assessing how much you can borrow.
Lenders will look at accounts or tax calculations for your income. As long as you have your first year’s figures, there are lenders available.
Construction industry scheme contractors are employees in the construction trade within the UK. This income can be assessed on a self-employed basis or on an employed basis by looking at CIS vouchers/payslips.
FIXED TERM, IT AND IR35 CONTRACTORS
A fixed term contractor will be engaged for a fixed period of time. Lenders vary on the track record they require and how long you have left on your contract.
You may be paid through an umbrella company or have your own limited company. Lenders will look at this income in different ways and we can discuss this with you to get the best mortgage for your requirements.
AGENCY AND ZERO HOURS
Income from these areas can fluctuate and are very common. Lenders will require a track record in the job role or industry and will also look at a number of payslips to determine your income. Consistency is important to lenders and having this correlate with P60’s always helps.
NHS AND BRITISH MEDICAL ASSOCIATION MEMBERS
NHS workers’ income is often displayed in various ways on payslips. Translating salary, night shift, WTD and various other allowances can be complex to lenders.We understand which lenders will accept the different areas and how they will calculate your earnings so you can ensure your hard work pays off.
People working within the NHS often work on fixed term contracts and do large volumes of bank work. Payslips can vary with different areas of income such as banding, area allowances and overtime.
Our experienced advisers can work with you to ensure all of your income qualifies, by knowing which lenders are best.