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Mortgage and commission
bclark
Posts: 882 Forumite
I am due to start a new job soon where I get a decent basic but the ability to earn up to 50% more on commission/bonus although 30% or so is the average.
This would be the first job where I have had this potential and my question is how mortgage companies treat commission when it comes to assessing how much they will lend? I am hoping to move soon and using the calculators I would probably need to earn about 10% more than my new basic to borrow what I want but obviously if I hit my targets I will exceed that.
Do mortgage companies factor in commission and bonus into their calculations, if so how much of it and how long do you think I would need to be earning before they will factor it in?
This would be the first job where I have had this potential and my question is how mortgage companies treat commission when it comes to assessing how much they will lend? I am hoping to move soon and using the calculators I would probably need to earn about 10% more than my new basic to borrow what I want but obviously if I hit my targets I will exceed that.
Do mortgage companies factor in commission and bonus into their calculations, if so how much of it and how long do you think I would need to be earning before they will factor it in?
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Comments
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my question is how mortgage companies treat commission when it comes to assessing how much they will lend?
There are a variety of ways. They will often look at your track record of commission over 3 years and go by the lowest amount. Some may be more flexible but it would depend on other areas and if you are pushing lending criteria in those or not as well.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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