Can I Use My Overtime To Get A Bigger Mortgage?

13 January 2022

If you want to use your overtime as part of your income to get the mortgage you need then here is everything that you need to know.

How do mortgage lenders calculate overtime?

Most lenders will accept half of your regular overtime, so if you earn £6000 overtime per year they will use £3000 of this on top of your basic salary. Some lenders will use all of your overtime income if you can demonstrate that overtime is likely to be regular and available.

What about overtime for key workers?

Lenders recognise the demand for key workers and understand that overtime for key workers can be readily available. Some lenders will give key workers a higher income stretch by using all of their overtime income. Your mortgage broker will be able to let you know how much you can borrow.

How do lenders check overtime?

Most mortgage lenders will look at your latest 3 months pay slips to establish if your overtime is currently available. Recent overtime figures can be a good indication of current overtime demand and availability. Lenders will also check your year to date figures from your payslips to verify that your overtime is regular over the longer term. They may also check P60 documents. It’s important to disclose accurate overtime figures to your mortgage broker to avoid any disappointment.

How can I find out how much I can borrow?

You can only get an accurate figure by chatting to a good mortgage broker. Simply start here and your broker will contact you shortly:

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