Will a future pay rise allow me to get a higher mortgage offer?

Avatardeleted9249924
Posted 1st Aug 2012
Hi,

Hubby has been promoted at work and will receive a nice pay increase (approx. 25% more) starting from January. We are currently trying to sell our house and have seen one or two properties we really like. Trouble is, on his current salary we wouldn't be able to raise the mortgage we needed, but we'd be fine if a mortgage lender used his new salary. I have contacted two mortgage brokers to ask if we could borrow now against the future salary increase. Hubby's boss (company's UK MD) said he would provide my husband with a letter confirming his new pay structure etc. Hubby has worked for this company for 5 years and it is a straight forward promotion (no conditions, re-location etc). The first mortgage broker I contacted said mortgage lenders would only release funds based on new salary after January (but might start the application before), the second broker said he couldn't see it would be a problem and he was confident he could find a mortgage broker willing to release funds before January.
Looking online, I can't get any the wiser either. Have read about someone in the same position receiving his mortgage before his new salary increase, but that was back in 2008... I would imagine since things are tighter now they might be more reluctant to do this now?
Has anyone on here been in this predicament? If so, what was the outcome? Would love to have an idea if we can offer on a property now or if we'd have to wait until January...
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