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Barclays mortgage - Allowable income table

TravelBugHappy
TravelBugHappy Posts: 88 Forumite
in Mortgages & endowments
Hi I was wondering whether any of you lovely brokers (or recent applicants) know anything about how barclays view quarterly bonuses. on their website they have an 'allowable income' table, which refers to both monthly and annual bonus payments but no mention of those paid quarterly?

Many Thanks

Comments

  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is it a lot more complex than that.

    Bonuses can be considered discretionary and not allowable for affordability.

    Bonuses exceeding basic can be excluded.

    All loans are subject to income multiple caps.

    Affordability, if you are not well clear is not one to manage yourself.
    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.
  • TravelBugHappy
    TravelBugHappy Posts: 88 Forumite
    oops I wrote bonus when I should have called it commission (as stated on pay slips) - does that make any difference?

    its not more than salary & he's received it every 3 months since he started with the company (18 months although the amount differs). We haven't yet found a house but if I find one for the price I want to pay we shouldn't need to declare the commission (but if we don't then we will be close to our affordability limits).

    I'm just trying to figure out whether to apply to barclays (our bank) or nationwide - I'm becoming a little obsessed with this mortgage malarky.

    Also becoming very picky with property.
  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The house you find will dictate the size of the mortgage problem.
    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.
  • TravelBugHappy
    TravelBugHappy Posts: 88 Forumite
    amnblog wrote: »
    The house you find will dictate the size of the mortgage problem.

    Hoping to avoid having a problem & pick the right lender/house
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