Mortgage with commision only salary

oysterpearl

I purchased a house in Sept 2011. The house value was £119,995. I put down £36,495 - so the amount we borrowed was £83,500. So I put down just over 30%.
I now owe just a tad under 80k.

At the time I earned more than I do now, I earned 19k. Now, I'm earning around 13k - and to make it more complicated my earnings now are technically commision only. I am still actually with the same company I have worked for since 2007, it's just the role has changed and obviously my salary too.


On my payslip it just has gross pay, so no where to actually say it is commision.


My commision is steady, and has gone from £850 - £1,000+ after tax a month, but never under £850. I can prove this and it has been the case ever since I have started the new role, over 2 years ago.


We are needing to move soon, and I would like to port the mortgage to the new property.
I am wondering if I am best being honest with the bank or if they would never need to know as it is down as gross on my payslip?
I don't want this to stop us moving, and causing us to have to stay here any longer.


I could put my husband on the mortgage, but he doesn't earn enough to justify the 80k loan on his own, so it would still need me to be on it. I know that I no longer earn enough on my own either.


We have absolutely no problem paying the mortgage, we have no loans, credit cards etc etc.


Does anyone have any ideas on what is best? I feel I cannot talk to the bank about it before I know weather or not to say anything about the commision. This is causing much stress!


Thanks for any help.

chanz4

I would say broker

hcb42

get the mortgage together?

You will have to be honest when making an application. If they ask you for your salary and commissions then that is what you give. They may not even look at payslips or even ask your employer but then again they might. Mine didnt recently.

ACG

This is far too complicated to answer on a forum. You will definitely need a broker for this. I think both of you will need to go on the mortgage to justify an £80k mortgage.

Porting the mortgage might be possible, but a port is effectively a brand new application - you still need to meet the lenders current criteria. The only thing you are moving is the rate/deal. If your tied into a deal still and the current lender will not allow you to port then you may have ERCs to pay.