Any mortgage lenders accept P60 as proof of income rather than payslips?

[gorillalala]

Hi,

Does anyone know any lenders that do this, maybe they've done the same? My income is made up ~50/50 base salary / shares. So each monthly payslip doesn't show a 12th of my income, but a P60 does show my annual income, which I need to show to show that I can afford the mortgage. Any help appreciated!

Thankyou.

When I applied for my mortgage I had to use a combination of p60, bank statements (12 months worth) and a letter because mine is an ill health pension I don't have monthly pay slips.

Thankyou @Greendrinksbottle , which lender is that with?

I don't think they would on it's own as they need the mist recent three payslips. A P60 at this time of year is almost a year out of date.

Barclays, some banks (including the bank I banked with) refused without pay slips so it was more difficult and had to show 12 months rather than the usual 3 months I'd shown when in receipt of a wage and payslips.

I can definitely show payslips too, and 12 months' worth is fine (and better).

It's just that the usual '3 most recent payslips' that lenders ask for just doesn't show the full picture.

If you are having issues, find a mortgage broker who will have personal relationships with folks at the mortgage lender… there are lots of people who have non standard mortgages - eg everyone who runs a business who may have no wage slips at all so will use company accounts to demonstrate income etc

Yeah that's what I thought too.. surely must be other people with same issue. So I asked on my local Facebook page for recommendations for mortgage brokers for this type of thing, one lady got recommended loads of times, but when I called her she didn't really seem to have come across this before.

So I thought maybe the route to go down is to find which lenders people KNOW will accept alternative income proof.

It shows your year to date figures though

Are your shares guaranteed?

In theory they all should as it is such a common thing, hence the value in finding a broker who has done it before as they know the way to do it… as long as you have the income a mortgage lender should be fine - how you evidence it is then between you, broker and the lender - the reason for using a broker is simply that online systems are not very flexible… in theory all brokers should know how to manage this as it is pretty normal

Not all mortgage brokers are the same!

Contact a few to talk to them informally and gauge whether they've got experience or not.

The problem is that most brokers ignore "bonuses" etc and only work on base salary, some don't even accept overtime, so that's why they want to see payslips - to see the difference between guaranteed basic pay and all the discretionary elements which may stop.