Remortgage on Part Time Salary with Casual Overtime Work

[Googleboxfan]

I am wanting to remortgage my property that has £47,700 remaining.

I currently work part time and earn £9700 annually. At my place of work I will likely have overtime hours on a casual basis. It would give me an annual income of around £18k per year.

Does anyone know whether mortgage providers would offer me a mortgage based on half my salary being on casual work?

Also, what do mortgage providers ask for regarding paperwork when remortgage? Would it be 3 months payslips?

Or would I also need to provide a copy of my contract?

Thank you

It may depend if you can show you have been doing it regularly.

I was able to get an annual bonus included because I had had the same % every year for 7 years.

As long as your overtime is regular, and shows on your pay slips then some lenders will consider it.
You'll still
Need to show 3 months worth of slips, or a contract if you've just started.
Best thing is get some free initial advice from a broker then contact some lenders to get an initial Agreement in principal to see what you can borrow.

The casual overtime hours would be for a quite a long period as there is always work to cover holidays, sick etc

@Googleboxfan

The casual overtime hours would be for a quite a long period as there is always work to cover holidays, sick etc

The key is whether they have been historically regular not what they will be going forward.

When applying to remortgage would I have to provide a copy of my contract or would 3 months wage slips be OK?

I recently remortgaged to HSBC by applying myself online. I've never been able to remortgage before to a new lender due to a low salaried income and the rest made up of tax credits and child maintenance, both of which in my opinion are not guaranteed income. I work part time hours, 30 a week. My net pay each month is just over £1000

The application literally let me put in any additional income possible. And I do recall overtime being one of them as well as bonuses.

Anyway my application was approved within 48 hours and all they wanted from me was 1 months payslip and a letter from the CMS confirming maintenance payments, not even bank statements showing it was being paid.

That was with HSBC and so far its been the easiest process ever. I've been able to move product rate 3 times as I dont switch until October but their rates are really good (I didn't want to add a fee) at the moment.

I think what helped me was my LTV. I own nearly 50 percent of the property

In terms of what you need to supply in documentation will all depend on what's within your application. I imagine as yours is made up of overtime they may want to see a few months payslips showing the income being paid. I was actually shocked though how little HSBC wanted from me. I was expecting bank statements, proof of furlough and coming off furlough, tax credits, maintenance, child benefit, payslips. They wanted very little

Have you considered staying with your current lender and just taking our a new product? We are with Nationwide and stay with them as they always offer us a rate which is as good as anything else out there