Pay rise and getting a mortgage

[Gettingthereslowly2020]

I've seen a house I'd like to buy and have booked a viewing. I'm a FTB and will be buying as a single person.

My employer has been dragging their feet about sorting out my pay rise which is well over due. They've finally sorted it but it won't be on my payslip until the end of March. In March, I'll receive my new wage plus the backdated pay going back to October.

My problem is that my payslips show my old wage. On my old wage, I wouldn't be able to borrow the amount that I need. On my new wage, everything would be fine.

Will lenders be willing to base a mortgage offer on my new wage that I haven't actually received yet?

I'd save myself the stress and wait until March but the house I've seen will most likely have been sold by then.

Usually, you are asked for 3/6/12 months payslips to prove you can afford the mortgage.

My husband's work wrote a letter confirming his new wage as of x date (£4k pay rise) and it was accepted by our lender.
Are you using a broker? They usually know which lenders might be flexible and which won't.

I agree with the advice to talk to a broker who knows how each mortgage provider is likely to respond. London & County are very reputable, whole of market, and don't charge you (they get commission from the mortgage provider).

We remortgaged while I was on maternity leave and my husband was changing jobs. Letters from employers stating what we'd be earning from when was enough for our provider (and by the time it all went through all our employment changes had happened anyway .....)

Thanks. I'll call London and County. I got a Decision in Principle from them a while back. I should be able to get a letter from HR to confirm my payrise and new salary.

Yes they did with me. They just used my new salary. My employer got a letter asking them to verify and that was it.

I had this too, provided confirmation letter from work with new salary on it and the broker sorted the rest.

We were told either 3 months payslip or a letter confirming payrise.