3 months payslips requested for mortgage, is this normal?

We are dealing with a broker. He sent us a checklist in the middle of September and we got working on getting everything from it. On the checklist it stated 3 recent payslips. We got all this together and after going back and forward for small things we finally thought everything was given to the broker.

He then writes to me informing me he doesn't have enough payslips (he has 4 most recent of my Husbands and my 3 or 4 most recent). He's saying he needs 3 months of payslips, as we get paid weekly it seems like an awful lot of payslips needed on top of bank statements.

We both work at the same place and it's proving difficult to get hold of the other payslips we need as it's a big multinational company and payroll is dealt with from head office. We have our HR and payroll person looking into it for us now to see if they can get old payslips. If not we don't know what's going to happen because our broker said they won't accept a document from revenue saying what we've earned each week for the last 3 months and they probably won't even look at it without the payslips.

Anyways the question I wanted to ask is, is it normal to ask for so many payslips? It's like 12 payslips each.

The ask for 3 months of payslips is normal. If you get paid weekly then yes it is 12 total pay slips, or for a monthly salaried person it is there last 3 months. I don't think banks ask for just the last 3 payslips, but I can understand the confusion.

The assumption is most people are paid monthly or fortnightly. They are obliged to assess your income - 3 months is usually right but it depends on who it is/ The easiest way to get around this is link it to statement so they may be satisfied if the amount is a regular amount. What they are trying to assess is your income and looking for exceptions in your pay. Hope that helps.

I just knew my sister and cousins (and their partners) only needed 3 recent payslips and then are paid weekly too so I presumed 3 were normal.

I can get a statement from revenue stating how much we earned each week and tax paid but that's not good enough so fingers crossed they can get something done with work

What might be better is to have say three pay slips tying in to your bank statement and that it is the same amount week in week out. You may have shift allowances etc and they are trying to see your permanent income. Did they ask you for employers confirmation? If HR can give you a letter detailing the amounts or is that possible?

OP was told she needed three months of payslips, she seems to have misunderstand that to the last 3 payslips, in her case weekly payslips. Why is it so difficult to produce the last three months of payslips, does the OP throw them away. Can't see why HR can't supply them. Especially with a big organisation that has a payroll department.

(people should keep their payslips)

Pixy91 said:

I just knew my sister and cousins (and their partners) only needed 3 recent payslips and then are paid weekly too so I presumed 3 were normal.

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Find this incredible had to believe.

Does the checklist your broker give you not say last 3 months payslips? What is the wording?

Bronte said:

Find this incredible had to believe.

Does the checklist your broker give you not say last 3 months payslips? What is the wording?

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I asked both of my cousins who have got mortgages in the last year and my sister who drew down on hers during the summer and all never had to give so many.

The checklist says "3 recent payslips" that's all with regards to payslips, it doesn't say anything about needing 3 months worth, if it did we would've saved them from when we started the process.

Our broker sent off the application yesterday and said he's asked for the payslips to be conditioned from here on out.

Bronte said:

OP was told she needed three months of payslips, she seems to have misunderstand that to the last 3 payslips, in her case weekly payslips. Why is it so difficult to produce the last three months of payslips, does the OP throw them away. Can't see why HR can't supply them. Especially with a big organisation that has a payroll department.

(people should keep their payslips)

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We weren't told 3 months until recently, before it was only ever mentioned that we needed 3 payslips. We don't keep our payslips, we get paper ones every week and if we don't need them then yes we do shred them and throw them away. There is a stand in lady doing payroll at the minute for our store and she's not sure how to request them from head office but has said she will look into it and get back to us ASAP, I'm sure there has to be a way for her to get them we are just in limbo at the moment.

The application has been sent off without them for now anyway, when we get them we will send them on.

This is a new process to us, we own our home now outright and never had to get a mortgage so we were going on what I'd been told from family and the original checklist.

Pixy, send you employee number and social insurance number to the Head office payroll person requesting a copy of the last three months of payslips. Tell her it's urgent as you need them for a mortage application. I'm surprised you are getting them on paper actually. Many large companies send them directly to employees by email.

It might be a good idea to phone head office and ask to speak to the person in charge of payroll by phone. This is not rocket science. And brokers need to change their wording to last three months of payslips. I still don't believe your sister and cousins only had to give three weeks of payslips. Are they paid monthly?

The reason the revenue document is no good is because it only shows what you've earned, not that you're a full time employee with a guaranteed wage/salary - that's what the bank wants to know. Always think of things from the point of view of the person asking for the documentation.

Best of luck with your mortgage application. Hope you've found your dream home.

You say that

Pixy91 said:

it's a big multinational company a

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but

Pixy91 said:

we get paid weekly

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This seems strange to me. I presumed multinationals were all monthly these days, weekly payroll is pretty costly compared to monthly.

Anyway your employer is legally obliged to supply you with payslips. Quote Section 4 of the Payment of Wages Act 1991 if they don't co-operate.

NoRegretsCoyote said:

Anyway your employer is legally obliged to supply you with payslips. Quote Section 4 of the Payment of Wages Act 1991 if they don't co-operate.

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The employer already has...the poster threw them away!

Which seems odd given that he/she is going for a mortgage.

Would weekly payroll not exist in particular sectors. Like supermarkets and such like.

NoRegretsCoyote said:

This seems strange to me. I presumed multinationals were all monthly these days, weekly payroll is pretty costly compared to monthly.

Anyway your employer is legally obliged to supply you with payslips. Quote Section 4 of the Payment of Wages Act 1991 if they don't co-operate.

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We get paid weekly, we are a multinational retailer if that makes a difference. Suppose I never really thought about why they pay weekly when it'd be cheaper to do monthly managers get paid monthly but not general staff.

Gordon Gekko said:

Which seems odd given that he/she is going for a mortgage.

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We've majority of payslips since we started the process with our broker. It wasn't our intention to go for a mortgage originally until middle of next year but said we would see about it now so it wasn't preplanned as such.

Bronte said:

Would weekly payroll not exist in particular secure. Like supermarkets and such like.

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We do work in retail, managers paid monthly but all other staff are weekly.

Are you paid into bank account? This should show the amount being paid in. Probably won't be enough for the tick I assume.

I have a small box with a magnet flap, put statements, important receipts, payslips. When it gets full, I sort it. Very satisfying.

I always keep the week 52 payslip. It's interesting to look back on how little or in my case how much you earned.

Financial institutions have always looked for details of all earning from applicants for a mortgage. There was a time when the yearly earnings were enough. But, things have got tighter over the years and the finance people want more and more information before they part with a huge amount of money. So now they want 3 months of payslips. That's fair enough. They probably have more information already supplied by the employer e.g. contract details, proof of term of employment, overtime/commissions/add-ons. It's no big deal for any company to provide 3 months of payslips.