Mortgage and overtime

[nolimitstoday]

I have started a new job and will soon be applying for a mortgage.

In my job I earn a basic salary, but I can double that as there is pretty much unlimited overtime. I currently do not do the overtime as I am still training and don't really need to do extra.

When I apply for a mortgage could I get a letter from HR or whoever it concerns for the bank to say that I can earn XYZ with overtime?

i've recently done this . my income is doubled by overtime . we used a good broker , had a letter from my employer and provided 3 months payslips.

Have you actually checked affordability on an online calculator? If you only need a small mortgage it may be affordable without the need to use any overtime
Nationwides calculator is easy to use. Go on there put your details in using basic income only and see what it comes back with

www.moneysavingexpert.com/mortgages/best-buys/

Here you go! Forgot to pop the link in.

It would need to be evidenced on your payslip for a few months.

I had a heavily commission based job and the bank asked for 6 months bank statements and 6 months payslips and then took an average to work out how much they would lend me.

If its on the last 3 wage slips then they take it towards the mortgage amount.. going through this right now myself.

Also to add, even MSE's mortgage calculator doesn't have to be believed - it says I wouldn't qualify for a mortgage, but my broker found me high street lenders who would consider me!

@nolimitstoday speak to a mortgage broker.

Dependent on how much you earn and how much you want to borrow you might not need to do the overtime. However, if you do you will need to evidence you do with payslips, which is why you need a broker because they'll be able to navigate the hundreds of lenders criteria for you.

I agree that it sounds like you don't necessarily need the overtime to qualify for a small mortgage, although obviously it depends what you mean by 'small'.

Minimum amounts are often around £30k, because below that amount, you could possibly get a personal loan instead of a mortgage and you'd probably qualify for a mortgage of £50/60k at least even if you were earning NMW and only working your normal hours, particularly as you presumably have a decent deposit?

DH does mortgage and when we applied for ours I’d been doing overtime for several months (NHS so always extra shifts going!!) and if we needed to prove additional income then I’d have needed to give 3 months payslips. In the end we didn’t need to do this as we were able to borrow more than what we needed based on our standard wages.
might be wise to start some overtime now as then you can prove that it’s consistent if you need the extra income