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Mortgage Lenders and Income Commission/Bonus
DpchMd
Posts: 540 Forumite
Does anyone know what percentages of regular commission each lender will consider? I have seen it documented in some lending criteria but some don't reference it.
For example, if someone earns £10k per annum basic and 10k per annum commission, with documented evidence of regular commission payments, how much does each lender factor towards affordability?
Here's what I have so far:
Nationwide - 50%
Santander/Abbey - 100%
Halifax - 60%
Natwest - 100%
For example, if someone earns £10k per annum basic and 10k per annum commission, with documented evidence of regular commission payments, how much does each lender factor towards affordability?
Here's what I have so far:
Nationwide - 50%
Santander/Abbey - 100%
Halifax - 60%
Natwest - 100%
"Beware of little expenses. A small leak will sink a great ship." - Benjamin Franklin
0
Comments
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I usually rely on 50% of the lowest amount visible on all three of the latest three payslips.
If that doesn't work, I try 50% of the average over the last three months.
If you need more than that, you have to start thinking about the options a bit more...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It is not as simple as that.
Treatment changes depending on how often bonus is paid.
Some lenders will not accept the bonus without 24 months history.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It is not as simple as that.
Treatment changes depending on how often bonus is paid.
Some lenders will not accept the bonus without 24 months history.
Well let's assume that there is 24 months history and bonus is paid monthly."Beware of little expenses. A small leak will sink a great ship." - Benjamin Franklin0
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