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mortgage advise
drum123
Posts: 33 Forumite
hi just wondering if there are any mortgage advisors available to answer this question.
i work on commission and wondering what way that would affect mortgage decision?
i work on commission and wondering what way that would affect mortgage decision?
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Comments
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It depends on a lot of factors so its not as straightforward as saying yes/no it will or will not be accepted
Different lenders have different policies on commission based earnings, dependent on how long you have been in the job they will often calculate your commission earnings over a period of time and then include a % of them in your affordability calculation.
I think the best thing you can do is speak to a whole of market mortgage adviser - I would try to help you further myself but I've been out of the game for a while and I don't know about lenders current critieria
MMI 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.0 -
Is that 100% commission or basic plus commission?
Some lenders may take it all - other may take only 50%. This is just to give you an idea. In reality the whole scenario could affect what options are open to you, because as rightly stated above, different lenders have different criteria.I am a Mortgage AdviserYou 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.0 -
hi, thanks for replys. its basic plus commission and other bonus.0
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Well lenders will accept those sources of income.
What is the breakdown of each, and what house prices and deposit are you looking at?I am a Mortgage AdviserYou 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.0 -
hi thanks again.
currently looking to buy second house. one i am in at min is for sale. looking for 90% ltv. have the 10%deposit sorted and fees etc. currently owe £70k on existing property valued at £115k.
basic is £2k and approx 2-3k extra in comm and bonus. usually between £4-5k monthly in wages0
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