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Is shift and overtime taken Into consideration when determining what you can afford

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  • 22-05-2022 11:48am
    #1
    KurtBarlow
    Registered Users Posts: 393 ✭✭


    Or is it just based on your gross Basic wage?



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    #2
    KurtBarlow
    Registered Users Posts: 393 ✭✭KurtBarlow


    Sorry I meant to include mortgage in thread title



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    #3
    G_R
    Moderators, Education Moderators Posts: 5,025 Mod ✭✭✭✭G_R


    Depends on the lender's criteria. Some will take 50%, some 33%, some none.

    Some will need to see it over 3 years, some just over the most recent year.



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    #4
    [Deleted User]
    Posts: 1,344 ✭✭✭ [Deleted User]


    https://www.boards.ie/discussion/2058246888/is-shift-and-overtime-taken-into-consideration-when-determining-what-you-can-afford

    I'm open to correction here but " back in the day" it was solely based on contracted wage..... shift + ot + bonuses don't count.....as in they're too " abstract / variable"



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    #5
    [Deleted User]
    Posts: 4,727 ✭✭✭ [Deleted User]


    Its based on your guaranteed income. Things like bonus and overtime are not normally guaranteed.

    But if you can show a few years of P60's were you earned more than your basic wage, they might be willing to take some part of that into account.



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    #6
    Dublinandy3
    Registered Users Posts: 423 ✭✭Dublinandy3


    Our bank took the average over 3 years and have us 50% of the value towards our income amount, that was bonuses included. I think, as said previously, it differs from institution to institution though



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    #7
    frank730
    Registered Users Posts: 115 ✭✭frank730


    BOI took 3 years average when calculating my bonus



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    #8
    Thargor
    Registered Users Posts: 17,885 ✭✭✭✭Thargor


    AIB in Limerick took all my shift work and guaranteed overtime and bonus into account like it was my standard wage, was happy and surprised with that. Quickly wiped out by price rises to the point I rarely bother even looking now though. You'll just have to ask them.



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