income made up of monthly bonus, who will lend the most?

brg3

I currently have a joint mortgage with C&G, however we seperated 2 years ago and I need to take the mortgage on on my own asap.

The property is worth £160,000, the mortgage is currently £160000, although I have £24k to bring it down to 85% my p60 shows £36000, my basic salry is £25400, and my monthly bonus averages around £1300 and has done for at least the last 6 months.

Ii have a loan for £330 per month/£15800 outstanding

based on the above C&G will lend £126,000 with the loan and 85% if i clear it

clearing the loan is not really an option on top of having found the £24k to bring the mortgage down to 85%

I am on the C&G svr @ 2.5% so am loath to remortgage, however it looks like my only option bar selling, but by the time fees etc are taken it doesnt seem worth it.

the other option is to move/downsize and port the svr, but the other person wants things done asap and that could take months and months, plus a little bit of work needs doing to th eplace (nothing extensive)

So based on my income breakdown above, from experience does anybody know what lenders are likely to lend me £136,000k (85% of £160,000) with me keeping the £330 p/m loan?

Any help is much appreciated.

somethingcorporate

Go see a broker - it'll save you wasted time and effort.

handytips

The simple answer to your question is. No one will lend to you on your provable income, the loan is the big stumbling block.

Simon_gloster

They will only take 60% of your OTE bonuses plus 100% of your salary.

Porting and downsizing on svr is an option should you have not moved onto their new t&c's, otherwise you cannot port svr.

If they can do the transfer, you will lose the porting option of the svr porting the future.

If you need this to happen fast, seek advice as it'll be quicker for you.

Dave_Ham

Good information provided so far above..

I would still think this is achievable depending upon the lender selection and how the bonus is structured/earned.

All the best