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  • FIRST POST
    • marina12
    • By marina12 9th Oct 17, 6:05 PM
    • 1Posts
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    marina12
    First time buyer!
    • #1
    • 9th Oct 17, 6:05 PM
    First time buyer! 9th Oct 17 at 6:05 PM
    Hello everyone,

    I'm a first time buyer and I'm looking at a property for £350k. I need a mortgage of £150k, but my base salary is £25k which can get me a mortgage of £112k. I earn commission each month which increases my salary to roughly £37k a year, and my dad is willing to guarantee the mortgage - does anyone know of any mortgage providers that would consider my case?

    Thanks
    Marina
Page 1
    • ACG
    • By ACG 9th Oct 17, 6:08 PM
    • 15,502 Posts
    • 7,853 Thanks
    ACG
    • #2
    • 9th Oct 17, 6:08 PM
    • #2
    • 9th Oct 17, 6:08 PM
    Have you spoken with a broker?
    Commission is a funny one as lenders view it differently, some will work off a P60, others the last 3-6 months payslips etc. On the face of it, it can be done, but it does come down to the finer details.

    I would knock the guarantor idea on the head, the rules around guarantors are a bit of a nightmare.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Fiesto88
    • By Fiesto88 9th Oct 17, 6:41 PM
    • 94 Posts
    • 61 Thanks
    Fiesto88
    • #3
    • 9th Oct 17, 6:41 PM
    • #3
    • 9th Oct 17, 6:41 PM
    Definitely need a broker to navigate this one for you. And it would be wise to gather together as much proof of commission as you can.
    • YHM
    • By YHM 9th Oct 17, 7:40 PM
    • 94 Posts
    • 32 Thanks
    YHM
    • #4
    • 9th Oct 17, 7:40 PM
    • #4
    • 9th Oct 17, 7:40 PM
    Definitely need the guidance of a good mortgage broker here. They will understand which lenders to look at.

    Could also consider using a 'sponsor' to top up your income with some lenders.

    Find a good broker
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • stu2500
    • By stu2500 10th Oct 17, 9:25 AM
    • 121 Posts
    • 15 Thanks
    stu2500
    • #5
    • 10th Oct 17, 9:25 AM
    • #5
    • 10th Oct 17, 9:25 AM
    Natwest are a good option for commission. As long as it shows on your last 6x payslips, they will take it into consideration (as an average over the last 6x months). I would advise using a broker though.
  • LandCmortgages
    • #6
    • 10th Oct 17, 10:20 AM
    • #6
    • 10th Oct 17, 10:20 AM
    Hello Marina, we thought that you might find our article 'buying a home with your salary plus bonuses' helpful: https://www.landc.co.uk/insight/2017/04/basic-salary-plus-bonus/
    Official Company Representative
    I am the official company representative of L&C Mortgages . MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
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