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0 pointsmichaelt1y ago0 comments

For some people, the mortgage application process can be complicated.

Maybe I'm in graduate school and my salary is called a 'stipend' and I don't get any payslips, plus I have a part-time job in sales where my base salary is very low and about 75% of my income is commission, and also my girlfriend will be helping with the mortgage, but not the deposit, and she's a Ukrainian refugee and self-employed content creator.

An expert who's seen it all before would know how to navigate my situation properly.

0 comments

nradov1y ago

That doesn't make any sense. At least in the USA, if the school is paying you then they have to issue you either a W-2 or 1099, regardless of whether they label it as a salary or stipend or whatever. Mortgage lenders are accustomed to verifying income from sources like that, it's not complicated.

michaeltOP1y ago

Here in the UK a 'stipend' from EPSRC or similar is not classified as income for purposes of income tax or council tax. It's treated more like a scholarship.

> That doesn't make any sense.

Tell me about it. They still won't give you a mortgage, though.

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