Filling out Annual Income form

JoeCrystal

Hi all,

I think this forum may be best one as it does involve filling out annual income form.

I am currently filling out the application for Help To Buy agent in my county and I was wondering about this:

Total gross annual amount of any Overtime, Bonuses or commission

Is it customary to use last tax year's bonuses amount to fill that in when doing the mortgage? It is just I don't earn similar amount every year basically. It can vary highly.

Thanks for any help.

Joe

HappyMJ

JoeCrystal wrote: »

Hi all,

I think this forum may be best one as it does involve filling out annual income form.

I am currently filling out the application for Help To Buy agent in my county and I was wondering about this:

Total gross annual amount of any Overtime, Bonuses or commission

Is it customary to use last tax year's bonuses amount to fill that in when doing the mortgage? It is just I don't earn similar amount every year basically. It can vary highly.

Thanks for any help.

Joe

You write down the amount you think you'll get in the next 12 months but not a higher figure than what you got in the last 12 months. If your bonus, overtime and commission was £3,000 but you think you might get £2,500 this year then put down £2,500.

If you think you might get more such as £3,500 then you'll need to justify why you are putting a larger figure down. It could be they've changed the bonus structure or you've got more overtime or any reason.

kingstreet

Do you need the variable earnings to meet affordability on the HTB Calculator?

If not, leave it out.

Same with lender affordability. If you don't need it, don't jump through the hoops of getting a payslip from last year, for example, to verify an annual bonus.

BTW what are you applying for?

JoeCrystal

Thank for replying so promptly.

I am applying for Help to Buy South West whose got a range of help (Discounted Sales & etc.). I don't need or want the bonus to meet the affordability. I just don't want to accidentally make a false declaration on my numbers.

Thanks,
Joe

kingstreet

Sorry. This isn't a property information form for newbuild Help To Buy - Equity Loan which is what I was referring to.

The HTB Agents have Government contracts to "gate-keep" all housing funding, so it could be for a number of things.

Are you applying for intermediate market rent or shared ownership?