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Boosting your mortgage chances: Why shift allowances and overtime matter

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Having a solid, stable and high income is a crucial factor for getting a mortgage application approved, however many are not aware that shift allowances and overtime can boost your earnings and bring you closer to that long-awaited mortgage. Many applicants fail to include this when applying and therefore undercut their borrowing power. As your national advice specialist, we are here to guarantee your earning figures are accurate and boost your application.  

When not everything counts  

It is no surprise that the majority of mortgage lenders have strict requirements, and your level of income will dominate the overall calculation of funds you will be able to borrow. The policies these lenders have might restrict the amount of overtime earnings and shift allowances that can be considered towards your application. Your potential as a borrower might be deflated and come between you and your dream home.

The borrowing power

The overtime hours and shift allowance calculation can come in handy when applying for a mortgage. It can boost your income and make a significant difference to the limit of funds you can borrow. Having more money will allow a bigger deposit and those extra funds will provide some padding if the rate increases. Your credit profile will escalate, and the lenders will consider your income to be less risky and more stable and reliable. The financial requirements won’t look as intimidating as before.  

The public sector specialist  

Many of those who work in the public sector, such as nurses, firefighters and transport operators, commonly find themselves in this position, where many of their working hours are not recognised as part of their monthly salary. Here at Public Sector Mortgages, we are familiar with the requirements lenders set, we understand that these hours and pounds DO count and we will ensure that you will be presented with a full and accurate earning profile. We will make sure your earnings are accounted for and not minimised artificially.  

A custom-made mortgage application  

As a public sector employee, you deserve a public sector mortgage adviser. These advisers specialise in shift workers and those who work extra time regularly. We acknowledge that not everyone works a 9 to 5 position, so there is no reason why your mortgage file should be so. A shift-based salary can easily translate into application success, you just need an adviser who knows how to help you make it happen.  

Getting the affordable loan you deserve

It is now time for you to boost your mortgage submission and get the loan you deserve, based on your actual income. We will construct your application and gather all the right supporting documents, showcasing all earning sources and not only your base salary, proving your income is much higher than the lenders may initially believe. Public Sector Mortgages will ensure that your mortgage application does your salary justice.  

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