The situation
Our client was a first-time buyer and a newly qualified nurse, having been in her role for around a year. She was keen to step onto the property ladder, with a stable role in London and clear long-term earning potential.
The challenge
Her income was made up of several elements, including:
• Base salary
• Weekend (Saturday/Sunday) enhancements
• London weighting
While many lenders are happy to use 100% of these income streams, she also regularly worked overtime, paid separately through bank shifts.
The challenge was that she had only been undertaking this additional work for a relatively short period. As a result, some lenders would have based their assessment on the lower figure reflected in her P60, rather than her current and more representative level of earnings.
The solution
We sourced a lender that was able to consider 100% of her income, including her additional earnings.
Importantly, we provided a detailed explanation to the underwriter to support the case. This included:
• Evidence that her higher level of overtime income was consistent and sustainable
• Context around her role and working pattern
• A clear rationale for why the lower historical figure did not accurately reflect her current position
We also strengthened the application by outlining her wider financial outlook, including:
• Structured pay progression over the coming years
• The fact that certain committed outgoings, such as student loan repayments, were due to reduce in the near future
This gave the underwriter a more complete and forward-looking view of her affordability.
The outcome
Following a discussion with the underwriter, the application was approved based on the higher, more representative income level.
Without the additional context, the decision could have been based on the lower historic figure. By presenting the full picture and demonstrating sustainability, we were able to secure a more accurate affordability assessment and help her move forward with her purchase.
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