FTB - Mortgage Lenders Queries

bedfordshireboy

Hi All,


Some guidance please. I wonder if some well informed individuals know how strict some of the following lenders are.


I have an AIP with Skipton via broker at 3.29% 3 yr fixed, £995 fee, 85% LTV which seems a good rate.


However I would ideally like to fix for 5 years and have scoured the market to find the following (Skiptons 5 years is over 4%)


Post Office - 5 yr fixed 3.65%, £995 fee
Yorkshire - 5 yr fixed 3.69%, £845 fee


My income is made up from salary with a further 25% guaranteed extra per month. I know lenders have different criteria on assessing affordability and if they work on multiples of salary, an educated guess tells me a lot of them will fail me on this alone, as you can appreciate a 25% increase makes a huge difference which is why Skipton have agreed it as long as the 25% shows in my payslip every month, which it does.


Does anyone know if Post Office or Yorkshire are tough on application or not, or what their rough criteria is? as this would be my preference.


Thanks

Thrugelmir

If the additional income is not contractual then it is not guaranteed. Your employer could change the nature of your employment for any number of reasons at any time. So lenders will have their own policies as to how much of the additional income they are willing to include. This could be influenced by prior history for example.

bedfordshireboy

The extra 25% is contractual, 15% is employer pension contributions paid directly into my salary of which I can chose to invest into a pension or not (I do contribute obviously) and the other 10% is a Managerial bonus guaranteed.

bedfordshireboy

if you have any opinions / previous experience with those particular lenders that would be helpful. thanks