Mortgages

[Frenchy]

Hi all.

I'm in the process of trying to apply for a mortgage but I am having a few issues because mortgage lenders don't fully understand what the MN entails.
So far most of the issues seem to be based around the fact that I am paid through the Isle of Man by a foreign company, and that I haven't paid any tax in the UK for a few years.
Hopefully I have just solved another issue about proving my annual salary that was caused by how the information is presented on my pay slips, (the leave and basic pay are listed separately and therefore implies my basic pay is less than it actually is).

Has anyone else had any issues or any tips to share? Did anyone find one mortgage provider was better than another?

Many thanks in advance.

[ETwhat?]

My only advice would be to find a mortgage adviser the one we used (in Scotland so some bits are slightly different) was very helpful but most importantly he took all our information on savings and income and compiled it in a useful way he was then able to very quickly provide a set of options from several different providers (yes he was getting a payment from which ever provider we chose but it didn't cost us anything. We wouldn't have had so many options without his help.

[Silvertop]

If you have an issue proving your salary I'm sure a letter from your employer clarifying your annual salary would help.

We got our mortgage through Nationwide, purely because it was the most flexible at the time, ie no penalties for overpayments when I had a bit in pocket to reduce the overall debt!!

Best advise I can give is to shop around, use advisors, some are linked to the estate agents and they can also be useful. Don't be conned into paying for advise, as said above, it is usually free from the right source. It's a big commitment so make sure you have all the info you can get.

[smoggie]

I was also paid via the IOM from a foreign company and got a mortgage with Nationwide. I did try and do it on the phone but it was an epic trying to explain like that so I ended up making an appointment and doing it in branch. It all worked out fine in the end, it just took a bit longer to explain and make sure the mortgage person in the branch filled the forms in correctly. I only had my pay slips (previous 3 months I think) and an end of year summary thing that I asked for from my employer. Also, like Silvertop I specifically chose Nationwide as it meant I could over pay as much as I want without penalties.

[Frenchy]

Thanks for the comments so far

[condeh]

I had odd payslips too, so to avoid confusion I simply asked the office for a cover letter confirming my employment and salary. Gave it to the mortgage chap down at lloyds, sorted. He/they weren't really bothered about how/where/why I got paid, just so long as I did.