To ask about mortgage application & payslips/P60?

[JackieWeaversLaptop]

DP and I are applying for a mortgage, but I’m a little confused about the proof of employment/bank statements bit of the application.

I can provide both pay slips and a P60 for my part of the application.

DP’s a civil servant, and his pay slips show both his monthly income and his income for the year to date (basically like a P60). Given this, does anyone know if it’s acceptable for him to provide just his pay slips, or does he also have to provide a P60? He’s been asking his HR dept for a P60, but they haven’t responded to him yet.

We asked our mortgage broker, and she wasn’t sure what we should do .

Can anyone advise please? Thank you!

When we applied 4 years ago, we submitted 3 months worth of payslips- broker didn't ask for p60 neither did the bank.

You shouldn't need a P60. They normally only want proof of income and then things like SA302 for the self-employed.

They want to know your present income - P60s would be for last year which isn't really relevant.

@JackieWeaversLaptop

He’s been asking his HR dept for a P60, but they haven’t responded to him yet.

An employer can't give a P60 until after the final pay period in each tax year and they have, if I remember rightly, 2 months to provide it after the tax year end, i.e. end of May. He should have his P60s from previous years, but won't have it for the current tax year as it's too early.

We applied for a mortgage last week.. they asked for 3 months payslips and 3 months bank statements only.

If he's civil service, can he not print off last years p60 from the HR system?

We just provided pay slips for the past three months. Also bank statements.

You just need the last three months payslips and the bank statements showing the credits.

P60s aren’t due until after end of tax year and not generally useful for proof of income as lenders want to see the money going in matching a payslip.

I'd be surprised if they're asking for last year's p60 and they definitely can't be asking for this year's. However why your mortgage broker can't clarify exactly what the lender wants is beyond me. They can pick up the phone and ask them.

Your mortgage broker is shit.

I have never heard of anyone needing to provide a P60, I suspect this request has come from your mortgage advisor to get a better feel for you, rather than from any lender. Lenders usually ask for the last three months of payslips.

A March payslip can be used in lieu of a P60 as it shows end of year earnings. But obviously only March 21 will be available, like a P60 likely issued April 21. You wouldn't have 2022 versions of either yet.

What mortgage broker are you using so I know to avoid them?

Hasn’t he got a P60 on his account where his payslips are? I’m a civil servant and have access to my P60’s

Does he not have an online system to access his payslips and P60s? I'm a CS and I can view all my payslips and P60s since I started a few years ago.

I started talking to one broker who wanted 3 months payslips, bank statements plus my contract of employment which seemed random.

The current one I’m speaking to wanted the statements & payslips.

Does the broker want to see the p60, or is the lender asking to see if. Brokers like to have them on file, but lenders only require them in certain circumstances usually, if you have changed jobs or your income fluctuates for any reason.

I’ve just been asked for the exact same by our mortgage company (direct - large company, not through a broker)
We supplied our most recent payslip each and our p60 for the last tax year, 20/21. To be honest I’ve never seen a payslip that doesn’t have both monthly and YTD totals on it, is pretty standard. I’m civil service too and just downloaded my P60 from our internal system.

I've never been asked for my P60 when applying for a mortgage. I applied last week and they only wanted 3 months payslips and bank statements.

Do you have to provide bank statements for every bank account or just the one you pay your salary into and bills from?

When I got a mortgage it was 3 months worth of payslips but no P60.

Oh and statements too.

Depends on the lender so you need to ask them.
Some want both payslips and P60 or his March 2021 payslip might be accepted as it will show the full year to date earnings for that tax year.

The reason the p60 is useful to a lender is that it proves firstly that you were employed last year and haven’t just started a new job. Secondly it sort of helps them average out your earnings if monthly fluctuates with overtime bonuses etc.
Due to the current stage of the tax year they might be happy to work out how much he is likely to earn based on the completed 11 months of this tax year from his payslip.

Nothing strange with needing to provide a P60..In the past I've had to provide 2 years worth of P60's due to the nature of my income. One of these was the March payslip as I had mislaid the P60 - the lender didn't have any issues with this.

I've recently applied for a mortgage and had to give three months payslips, three months bank statements and last P60.

Thanks all! Very helpful advice.

I’ll check with DP if he can access and print out his P60 from last year MsHampton - thanks.

And yes our experience with the mortgage broker hasn’t been brilliant so far unfortunately!! But I’ll check with the MB whether they just need the P60 on file or whether the lender will likely want to see it too.

Thanks again everyone.