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  • FIRST POST
    • CBN
    • By CBN 13th Jun 17, 8:24 AM
    • 36Posts
    • 8Thanks
    CBN
    What income will mortgage provider consider?
    • #1
    • 13th Jun 17, 8:24 AM
    What income will mortgage provider consider? 13th Jun 17 at 8:24 AM
    Hi,

    Looking for some generic advice. First time buyer, 95% mortgage.

    In my job (16 years at the employer) I earn:

    £37,500 salary
    £2,625 benefit allowance which I take as cash
    £12,750 cash supplement in part lieu of pension
    £3,750 bonus each year

    Before I start looking at mortgage providers I am keen to understand how much of the above income I can borrow against. I suspect mortgage providers will take differing views so any advice would be appreciated.

    Cheers.
Page 1
    • CBN
    • By CBN 13th Jun 17, 8:27 AM
    • 36 Posts
    • 8 Thanks
    CBN
    • #2
    • 13th Jun 17, 8:27 AM
    • #2
    • 13th Jun 17, 8:27 AM
    To extent it's relevant, first time buyer status will depend on mortgage provider as have owned property before we relocated. Currently renting.
    • Edi81
    • By Edi81 13th Jun 17, 8:29 AM
    • 293 Posts
    • 174 Thanks
    Edi81
    • #3
    • 13th Jun 17, 8:29 AM
    • #3
    • 13th Jun 17, 8:29 AM
    Consult a broker they will be able to give the
    • Edi81
    • By Edi81 13th Jun 17, 8:31 AM
    • 293 Posts
    • 174 Thanks
    Edi81
    • #4
    • 13th Jun 17, 8:31 AM
    • #4
    • 13th Jun 17, 8:31 AM
    Consult a broker - the brokers on here can't name lenders.

    Alternatively try putting in your income into the intermediary calculators that some of the lenders have online.

    Bonus, benefit cash and bonus (confirmed) will usually all be taken into account. The cash in lieu of pension is the unusual one.
    • Westminster
    • By Westminster 13th Jun 17, 2:00 PM
    • 812 Posts
    • 497 Thanks
    Westminster
    • #5
    • 13th Jun 17, 2:00 PM
    • #5
    • 13th Jun 17, 2:00 PM
    Definitely get an independent (non-estate agency) broker.
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

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