Wanting to get a good mortgage on part time wages.

[postiewhite]

I'm looking to move from my flat and buy a house. I will have about 25% deposit after my flat is sold but I will need to borrow a minimum of 85k to get anything half decent. The only issue I have is that Im on a 25hr contract but i am on a long term contract. Most mortgage companies I think will take 50% of your overtime into consideration on top of the basic and the likes of NatWest will lend around 4.5 times your salary compared to lloyds who will lend you less.
In our office there is opportunity to do 40+ hours and surrounding offices are so short staffed there is also an opportunity to work your day out there.
Im not very 'au fait' with mortgages but my theory is to do work in the region of 45-50hrs a week for 3 months which is realistically achieveable (Nat West want 3 months wage slips OR P60) to achieve an average gross wage of £450-£500 per week, £250 being my basic and half of the remaining is what a bank should consider as 50% overtime giving me a gross average of £375ish.I ve got no debts and don't owe any money to anyone.
Has anyone worked their ass off to make their wageslips look good for a mortgage company and is this the only way that will work for me to get a decent amount when applying for a mortgage?

[IcanthelpthewayIam]

That's a bad idea to do this, you are artificially inflating your income to secure a larger mortgage, there are reasons banks will only lend you so much and circumventing their rules like this is a bad idea, if you told the banks exactly what you were doing do you think they would lend you the money?

[Judgee]

Mortgage limits are there for a reason. So you don't over stretch your borrowing. Bust a gut to make it look better if you want but you could be putting yourself in a very risky situation. What if your overtime suddenly dried up? If you have a massive mortgage and you were forced to survive on basic hours could you do it? Better safe than sorry or you could end up on the street!

[datasaint]

Explore transferring to another office to get more contracted hours. A mortgage is a long long commitment, you might be able to secure 40hrs/week work in the short term, but long-term who knows where the company is heading. If the USO drops to 5 days a week service which is possible in the next 5 years all the floaters could be out of a job.

[postiewhite]

Explore transferring to another office to get more contracted hours. A mortgage is a long long commitment, you might be able to secure 40hrs/week work in the short term, but long-term who knows where the company is heading. If the USO drops to 5 days a week service which is possible in the next 5 years all the floaters could be out of a job.

Yeah I guess your right but I must say that is the first ive heard about a possibility of floaters being out of a job in the next 5 years. Where did you get this info/conclusion from? I think its a bit of a scaremonger comment as no one knows what is going to happen. Its also a possibility full times will go as well?. As far as im aware they don't use the last in first out system.

[IloveMYredTROLLEY!]

Have you looked at part rent, part buy schemes in your area?

[IcanthelpthewayIam]

Another thing to consider is could you afford that mortgage if all the overtime dried up and you were left on your minimum contract?

All it would take is for those offices to fill their vacancies or a couple of other staff to start to want a share of that ot and yours potentially will reduce quite quickly

[arnold cheshire]

Easier to rent does you're wife work?

[datasaint]

Yeah I guess your right but I must say that is the first ive heard about a possibility of floaters being out of a job in the next 5 years. Where did you get this info/conclusion from? I think its a bit of a scaremonger comment as no one knows what is going to happen. Its also a possibility full times will go as well?. As far as im aware they don't use the last in first out system.

Declining mail volumes, fully privatised company, other EU countries have fewer deliveries per week, one of the easiest ways to turn around massive profits by reducing expenditure.

Yeah it's kind of the worst case scenario with the exception of droids replacing us all , but the point is this isn't the job for life that it once was. You have to consider interest rates are eventually going to start climbing as well making your mortgage more expensive.

[postiewhite]

Yeah I guess your right but I must say that is the first ive heard about a possibility of floaters being out of a job in the next 5 years. Where did you get this info/conclusion from? I think its a bit of a scaremonger comment as no one knows what is going to happen. Its also a possibility full times will go as well?. As far as im aware they don't use the last in first out system.

Declining mail volumes, fully privatised company, other EU countries have fewer deliveries per week, one of the easiest ways to turn around massive profits by reducing expenditure.

Yeah it's kind of the worst case scenario with the exception of droids replacing us all , but the point is this isn't the job for life that it once was. You have to consider interest rates are eventually going to start climbing as well making your mortgage more expensive.

I completely agree with you. Ive been checking mortgage calculators and taking into consideration what payments could be even at 5,6,7% higher than what they are. I can't think about possible future redundancies because in all fairness no job is really that safe anywhere anymore but I guess I do have to be realistic with overtime though as I can't guarantee that will be forever. I am a mobile DJ part time but Im only 18 months into it which hasn't generated enough accounts as yet to go via the self employed route but that is additional income (and a backup as people will always want DJ's for events) but I do appreciates people's heads up on the matter.

[Acca Dacca]

Yeah I guess your right but I must say that is the first ive heard about a possibility of floaters being out of a job in the next 5 years. Where did you get this info/conclusion from? I think its a bit of a scaremonger comment as no one knows what is going to happen. Its also a possibility full times will go as well?. As far as im aware they don't use the last in first out system.

Declining mail volumes, fully privatised company, other EU countries have fewer deliveries per week, one of the easiest ways to turn around massive profits by reducing expenditure.

Yeah it's kind of the worst case scenario with the exception of droids replacing us all , but the point is this isn't the job for life that it once was. You have to consider interest rates are eventually going to start climbing as well making your mortgage more expensive.

May do away with floating duties but there will always be a need for reserves.

[arnold cheshire]

You won't be able to fo it for 25 to 30 years

[NewPostieUK]

Most mortgage companies I think will take 50% of your overtime into consideration on top of the basic

If that was true it would be very silly. How would you feel if all overtime was stopped the day you moved into your new home? How would you pay the mortgage?

[DB1100]

I honestly wouldn't get a mortgage again if I was starting over,thing's like leaking roof's can cost a fortune to put right,watertank bust when we were at work one day all got to be paid for as despite the advert's on TV house insurance is one great rip off,very hard to get them to pay out,renting give's you a lot less headache and if you get some f%%kwit's as neighbours it's a lot easier to move,and as other folk have said interest rates are not far away ,good luck in whatever you do.

[Dorset Plodder]

A big decision like this is probably worth talking over with an Independent Financial Adviser. They've normally got a computer loaded up with facts & figures and can do the sums for you.

Although most Brits love talking about their House Prices & Mortgages it's a complicated business.

I would say DO NOT RELY ON ROYAL MAIL . If you do saddle yourself with a massive mortgage (relying on extra overtime) you can bet that somethings going to go wrong! Perhaps you could build up your deposit with that extra money, then if it dries up you can recalculate from there.

More people are renting nowadays, it's no longer the "Poor Man's Choice". That may suit you as a short term fix. Good Luck.