Will banks accept net pay

U

Unregistered

Guest
hi,

I am currently looking to secure a top up loan - 20k on a mortgage of 240k. (house is worth approx 420k)
I have a basic salary and guaranteed expenses of 300 per mth.
Will the bank accept my net pay amount as being my salary or will they use basic pay and a % of exps.

Basically my thinking is that my net pay is the equivalent of having a greater basic as it is guaranteed.

Any comments greatly appreciated.
 
Unregistered said:
hi,

I am currently looking to secure a top up loan - 20k on a mortgage of 240k. (house is worth approx 420k)
I have a basic salary and guaranteed expenses of 300 per mth.
Will the bank accept my net pay amount as being my salary or will they use basic pay and a % of exps.

Basically my thinking is that my net pay is the equivalent of having a greater basic as it is guaranteed.

Any comments greatly appreciated.
Click to expand...

i'd be very suprised if they took expenses into account... but on the other hand you only want an extra €20k (nothing in the scheme of things) so your good payment history will be your best friend here....
 
On equity release cases they are usually less stringent once you have kept your payments up to date. That together with the LTV - <60%. Some would need either payslips or P60 etc.. Why not thrown in the ole P60?

Concur with jhegarty post
 
You must log in or register to reply here.
Back
Top