Borrowing more money on existing mortgage- help

Crinz

As a general rule you will be getting between 40-60% of that bonus/commision taken into account.

If i saw you in my role and asked the question - 'Is that bonus guaranteed?' you would (maybe) answer 'no, its not but i get it all the time'.

I would then ask if it is in your contract that you get a bonus, it probably wont be so all of a sudden I am not able to even consider you having a bonus.
(for me, my sales based bonus is part of my contract so it is guaranteed and a mortgage company would take an average of the last 3 years to see how sustainable it is)

All of a sudden your income now equals:
16k basic for you
60% of your comission - lets say you have a 50/50 split of comission/bonus so 60% of 10k = 6k
6k for your wife
1k of benefits (50% used in calculations

we are now in the situation that your income for mortgage purpose is £29k.

you are looking at borrowing £145k so are looking for a mortgage of 5x joint income.


Good luck