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Anonymous
Anonymous asked in Business & FinanceTaxesUnited Kingdom · 3 months ago

Mortgage and payslips?

Hi,

I’m in the process of getting a mortgage and they’ve asked for 3 months payslips, as expected. Last month I had some trouble with my car and a few other things so I asked work for a pay advance (basically borrowing money from my own wages) it was only £180 and it was paid back out of my next wage.

Now. This shows as a “loan” on my payslip. Will this be an issue at all?

6 Answers

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  • Tavy
    Lv 7
    3 months ago
    Favourite answer

    I shouldn't think so,and the American answers are rubbish.

    Mortgage companies in the U.K. now ask for income and monthly expenditure, so it will be up to them to decide if you can afford the payments.

    We don't all have loads of savings when we apply for a mortgage.

    UK

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    • Katy3 months agoReport

      I have plenty of savings that I can’t tap into otherwise I don’t get my government bonus. In terms of my wage I earn enough, put it that way. It was straight after Christmas and my engine light came on so I wouldn’t exactly call it a minor expense, the £180 went towards the cost. It didn’t cover it.

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  • Anonymous
    3 months ago

    You aren't financially ready to be  a homeowner.

    What would you do if your furnace broke ?

    Ok Tavy, boilers.😉

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    • Katy3 months agoReport

      Thanks Tavy and it was towards what the total for repairs cost me, it wasn’t the whole amount. 

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  • 3 months ago

    The "loan" itself won't be an issue, but if I was the underwriter I would be very concerned about authorizing a large mortgage loan to someone who less than 3 months ago couldn't come up with $200 to cover a car repair without having to borrow it from their boss.

    If you don't have an emergency fund you shouldn't be buying a house.

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  • 3 months ago

    u did not have 180 bucks for fixing a vehicle, how on earth are u going to pay a mortgage? who doesn't have 180 bucks in the pocket at all times? at one time I was unemployed - I had more money than that for emergency spending 

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  • DEBS
    Lv 7
    3 months ago

    You can't pay for 180 vehicle repair but you are looking to take on a mortgage. Yeah, that's an issue.

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  • Maxi
    Lv 7
    3 months ago

    No just explain although I am sure the mortgage adviser will be very aware a pay advance is a loan...but it does show you are living pay day to pay day and don't have spare money saved for a rainy day ...so what about saved money for your deposit?

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