Over-time included in affordability calculation for first-time buyer purchasing at 95% LTV
A recent graduate approached us looking to purchase her first home on the outskirts of Birmingham.
Since graduating the client has worked as a nurse at a local hospital. During this time, the she had managed to save a deposit of £10k.
She approached Mortgages for Business for help, as she was unsure which lenders would accept her income, which is made up from a basic salary, over-time and specialist payments.
We approached a high street bank and explained the situation to the underwriter. The bank requested the latest three months’ payslips to get a true picture of the client’s monthly income.
Happy with the total and frequency of overtime, the following terms were offered: