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mortgage broker with railway insight

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ExMil79

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Does anybody know of a good mortgage broker that understands the complexities of the railway 4 week pay system? I find it hard to explain (or them to genuinely consider) how our headline salary isn't really what we earn as there are booked Sunday/overtime which is pretty well expected of you to work... to the point that you cannot get a Sunday off if they can't find someone to work it for you. I would suggest that with overtime i will earn 50% more than my headline pay and I want this to reflect in the amount i am able to borrow. Additionally i have a miitary pension that is not subject to tax which will add to my income so it gets more complex, needing them to figure out what my takehome pay is per 4 weeks/month.
Aside from my personal complexities, does anyone know of a broker who is well versed in the railway pay structures??
Many thanks
 
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Gloster

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You may find that the problem is more with the mortgage companies than the broker. The algorithms used by the companies may only accept basic pay as they see that as all that is guaranteed, whatever the realities of working overtime are. Remember, they are (mostly) in it to make a profit, not to help you.
 
telstarbox

telstarbox

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Lenders have tightened up on affordability since the 2009 recession and are probably remaining cautious through the covid uncertainty. To play devil's advocate, what would you do if passenger numbers fail to recover and overtime dries up?
 
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GB

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ExMil79 said:
Does anybody know of a good mortgage broker that understands the complexities of the railway 4 week pay system? I find it hard to explain (or them to genuinely consider) how our headline salary isn't really what we earn as there are booked Sunday/overtime which is pretty well expected of you to work... to the point that you cannot get a Sunday off if they can't find someone to work it for you. I would suggest that with overtime i will earn 50% more than my headline pay and I want this to reflect in the amount i am able to borrow. Additionally i have a miitary pension that is not subject to tax which will add to my income so it gets more complex, needing them to figure out what my takehome pay is per 4 weeks/month.
Aside from my personal complexities, does anyone know of a broker who is well versed in the railway pay structures??
Many thanks
Click to expand...

I think you are perhaps over egging it on the railway "complexities". You are talking about 4 weekly pay cycle and overtime...neither of which are restricted or unique to the railways.
 
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DelayRepay

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Any mortgage broker worth their salts would understand the railway pay system. You'll just need to show them your pay slips and bank statements. As @GB says above, it's not unique to the railways. My sister works in healthcare (not NHS) and is in a very similar position - paid four weekly and a sizable chunk of her income is overtime and unsociable hours payments.

Most lenders will have a restriction on the amount of overtime, bonuses etc that they'll consider. The mortgage broker's job is to identify the lender that's best suited to your circumstances, but they cannot get you deals that are outside the lender's criteria and rules.
 
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carriageline

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When we got our mortgage, I downplayed my railway wages (rather know I passed any affordability checks for a “flat” wage if I was to go long term sick or something), and then when I sent my payslips they calculated I earnt higher than I said and upped it on their own bank.

I went straight to one of the big banks, and dealt with them direct
 
alxndr

alxndr

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I've never had a problem, except initially when they overlooked the 4 weekly pay. Once that was pointed out it was simple. They took the headline pay, plus 50% of the average overtime in the 6 month period I provided payslips for. That was more than sufficient for me, but I'm not one for pushing the limits of what I can borrow as I'd rather have peace of mind knowing I've got a bit of flexibility.

It might seem guaranteed that you'll get the extra, but what if you end up long term sick?
 
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skyhigh

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carriageline said:
When we got our mortgage, I downplayed my railway wages (rather know I passed any affordability checks for a “flat” wage if I was to go long term sick or something), and then when I sent my payslips they calculated I earnt higher than I said and upped it on their own bank.

I went straight to one of the big banks, and dealt with them direct
Click to expand...
That was my tactic. I had no issues at all with a 4 weekly pay cycle. It's not just a railway thing either, everywhere I've worked has done it.
 
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