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How many payslips are required for a mortgage?


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Hi,

I have been working for the same company since 2017. My salary will increase from next month. Until today I thought 3 months of payslips were required for a mortgage however, a mortgage advisor has told me that only 1 month payslips are required for the application. Is this true?

If this is true I will be able to make offers earlier than I had planned.

Thank you in advance for your advice.

Jonathan

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The Mortgage Lender will expect your Mortgage Advisor to have seen your latest 3 months payslips and Bank Statements. And the Lender reserves the right to ask for these. However, some Lenders will often only request latest months payslips.

If you are using income such as overtime, bonus or commission, Lenders will almost definitely want to see 3 months payslips. But when using basic only, it's common for lenders to ask for your latest month only.

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My experience is also that 3-6months will be requested. 

If its a basic salary increase the lenders should happily accept your new salary as the new base point as this will be the income which applies moving forward. You could forward some documents confirming your pay increase with the payslips. 

Property investor ¦ Commercial Finance Broker ¦ Ex banker with 20 years lending experience. 

Commercial Lending Manager at Real Finance Ltd - www.realfinance.co.uk
Happy to discuss any queries regarding property finance for  Company/Complex BTL, HMO, MUB, Holiday Let, Commercial, Bridging & Development.  

kirsty@realfinance.co.uk
07494949852

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in my experience a number of lenders are happy to accept one months payslip along with corresponding bank statement. However, if overtime, commission or variable income is to be considered then further evidence will be needed. 

Good luck with your property hunt.

Financial Planner - Specialist in providing advice to property owners and portfolio landlords - Vouchedfor 2021 Top rated Adviser

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