Mortgage Advice / Help

nevaeh-2die-4

Hi folks

I have a major problem regarding a mortgage application.
(I'm currently living in the house I wish to buy)

I have been mortgage approved by bank of Ireland , I have my solicitor in contact with the landlords solicitor, I got the valuation from the banks surveyors completed and most of the paper work from the bank done

One major issue

I get over time in the office which I get on a weekly basis, in the section on the banks ward form to filled by employer , there are 2 sections , overtime and guaranteed over time, they want a guaranteed amount of overtime.

I said it to the boss who explained over time is never guaranteed, banks should know if that was the case it would be salary,

What do you think will happen , any advice ?

Sorry about the long post and poor I'm writing this on my phone

elaverty

I think your boss may be correct in saying if it was guarenteed overtime it would be salery,,,,i dont think the bank will take this extra income into account as its not guarenteed,,,,it was this stuff that got the banks into trouble in the first place,as in they were takeing into consideration all supposed overtime applicants were saying they get,when half of what they were saying wasnt true...But this suited the banks to make it look good on paper and justifying lending people excessive amounts that they wouldnt have a hope in hell of paying back...


Im glad to see (sorry for you)that they are processing applications on there merits now,and not pumpimg up the borrowers income to make it look good on paper,,,They are probably doing you a favour if they are not to keen on lending to you now,,,,,i know a few people that had mortgage approval but now the lender has pulled the plug on them,due to circumstances....Some even with there houses half built,,,

The_Conductor

Overtime is not normally factored into the equation by a bank- just certified salary (which is provided by a salary cert from Personnel). In some limited cases- such as jobs which involve overtime periodically at certain times of the year (tax end, christmas, new year sales etc)- they 'might' accept historic practices- however this would be exceptional..........

CiaranC

"Guaranteed overtime" refers to our friends in the public service.

lpjonesy

Sounds like your boss is a bit of a jobsworth