Lenders who accept 100% of shift allowance & comissions

TroyAW

Hi everyone.

I’m currently looking for properties to buy and have had an AIP from Natwest and Halifax but am not sure i have declared my income correctly.

The way I am paid is broken down into different factors on my payslip - but as a rough guide..

I have a basic salary, but also weekend supplements, and out of hours pay ( shift allowance) as well as monthly commission.

Will lenders consider this as guaranteed as the weekends and shifts are part of my normal working hours, they are just displayed out of my basic salary.

A brief rundown of a usual payslip looks like this ( per month)

Salary 2091.67
Commission 600.00
Out of hours 240.00
Sundays 282.60
Saturday 188.40
Additional pay 240.00

The additional pay, out of hours and weekend days as mentioned are all part of my normal working pattern.

The commission i receive monthly over the past 12 months has ranged from minimum 400, up to 850 per month.

My yearly wage works out to be approx £42,000, and my monthly take home pay is generally around £2600, give or take £100 or so.

I heard Natwest will account for 100% of bonus/commissions etc - does anyone have any experience of this.
And will lenders take me ‘additional pay’ ( which isn’t only displayed as salary) into full account for a mortgage application?

Thanks in advance for any help...

fewcloudy

I am sure someone will be along soon to tell you which lenders lent to them, taking into account the pay that you mentioned. But that wouldn't mean that the lender that worked for them would also be the best for you, as there might be other factors to take into account in your application compared to theirs.


So although you might get a few names of some lenders that you could then apply to, I reckon this is also a good reason to use a good mortgage broker. They can then look at everything about your situation, and advise you on suitable lenders if any.


Just my thoughts, and I'm not a mortgage broker.


fc

TroyAW

Thanks for your reply...

I wonder if anyone else has any advice on this at all...?

gilroy

I get an annual bonus c8k. I have P60's outlining that I have received it for the last two years. Natwest were willing to take it into account in full.

NOVAMET21

You might be able to use an online calculator to see if the commission is taken into account.


My mortgage is with Santander and the calculator suggests that it takes half of the commission into account.


As Gilroy said Natwest take 100% of the commission into account so there is your answer. Also bear in mind that different lender will lend different amount.