I have a question regarding mortgage approval criteria. I’ve been offered a new job, however the structure of the salary is structured differently to my current employer. At the moment, I’m on a regular base salary, however my new overall package will be made up of a base salary that is 15% less than my current base salary, but will have a car allowance and cash allowance which will more than make up for the 15% reduction in my base salary. This car allowance and cash allowance will get paid the same way as the base salary (i.e. in my monthly pay packet and taxed as per normal etc) so that my overall monthly net pay take home pay will be more than my current monthly net pay.
My question is, if applying for a mortgage, how will the bank look at this? Will they consider only my base salary even though the car allowance and cash allowance are guaranteed (as far as I know, but will verify this with the company before signing anything.)
Thanks
My question is, if applying for a mortgage, how will the bank look at this? Will they consider only my base salary even though the car allowance and cash allowance are guaranteed (as far as I know, but will verify this with the company before signing anything.)
Thanks