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Commission and employers reference
bclark
Posts: 882 Forumite
I may have covered some of this in a thread a few months back but it's moved on a bit and I would appreciate some advice.
My wife and I are looking to move house in the near future but I am in the first few months of a job that has a sizeable chunk of bonus and commission attached to it. Basically though I am not wanting to push the boundaries or anything and playing around with Nationwides online calculator I can get what I want by just declaring a third of my expected commission.
I gave Nationwide a call yesterday just to ask a question about proof of income etc and they told me over the phone that I will need to have proof of 12 months earnings and there were no exceptions to this. I was a bit gutted by this as i feel that we can easily afford the extra payments as we have more than the amount left over each month even before any commission earned.
One way around this they suggested was to get a reference from my employer stating what amounts of my commission is guaranteed. Now a certain amount is pretty much guaranteed to be fair so I could try this, does anyone have any suggestions about what this should say?
On a seperate note why do mortgage companies penalise you so much for having kids? When playing around with the calculator one time I put 0 dependants rather than 1 by accident and they stated they would lend me 25% more!!! This just seems crazy as we have free child care through grandparents and almost never go out or on holiday now! If they didn't make this distinction then I could get more than I need on just my basic salary and not include any commission.
Sorry for the ramble but I am keen for some help about this employers reference thing and to hear any advice on how to pursuade the mortgage company that I can afford additional borrowing rather than just following an arbitrary online calculator (the woman on the phone at Nationwide told me this was the be all and end all).
My wife and I are looking to move house in the near future but I am in the first few months of a job that has a sizeable chunk of bonus and commission attached to it. Basically though I am not wanting to push the boundaries or anything and playing around with Nationwides online calculator I can get what I want by just declaring a third of my expected commission.
I gave Nationwide a call yesterday just to ask a question about proof of income etc and they told me over the phone that I will need to have proof of 12 months earnings and there were no exceptions to this. I was a bit gutted by this as i feel that we can easily afford the extra payments as we have more than the amount left over each month even before any commission earned.
One way around this they suggested was to get a reference from my employer stating what amounts of my commission is guaranteed. Now a certain amount is pretty much guaranteed to be fair so I could try this, does anyone have any suggestions about what this should say?
On a seperate note why do mortgage companies penalise you so much for having kids? When playing around with the calculator one time I put 0 dependants rather than 1 by accident and they stated they would lend me 25% more!!! This just seems crazy as we have free child care through grandparents and almost never go out or on holiday now! If they didn't make this distinction then I could get more than I need on just my basic salary and not include any commission.
Sorry for the ramble but I am keen for some help about this employers reference thing and to hear any advice on how to pursuade the mortgage company that I can afford additional borrowing rather than just following an arbitrary online calculator (the woman on the phone at Nationwide told me this was the be all and end all).
0
Comments
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If you can afford it before the commission, why not just declare the basic earnings..
as for kids...well even without childcare i guess the expenses are higher - food, clothing, school stuff...0 -
If you can afford it before the commission, why not just declare the basic earnings..
as for kids...well even without childcare i guess the expenses are higher - food, clothing, school stuff...
I can only afford it on my basic when I put 0 kids in on the calculator, as soon as I say I have 1 it goes down by 25%.
I thought that they did these things on affordability more now but it seems at the moment that a calculator based on limited info decides everything.0
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