First time buyer!

marina12

Hello everyone,

I'm a first time buyer and I'm looking at a property for £350k. I need a mortgage of £150k, but my base salary is £25k which can get me a mortgage of £112k. I earn commission each month which increases my salary to roughly £37k a year, and my dad is willing to guarantee the mortgage - does anyone know of any mortgage providers that would consider my case?

Thanks
Marina

ACG

Have you spoken with a broker?
Commission is a funny one as lenders view it differently, some will work off a P60, others the last 3-6 months payslips etc. On the face of it, it can be done, but it does come down to the finer details.

I would knock the guarantor idea on the head, the rules around guarantors are a bit of a nightmare.

Fiesto88

Definitely need a broker to navigate this one for you. And it would be wise to gather together as much proof of commission as you can.

YHM

Definitely need the guidance of a good mortgage broker here. They will understand which lenders to look at.

Could also consider using a 'sponsor' to top up your income with some lenders.

Find a good broker

stu2500

Natwest are a good option for commission. As long as it shows on your last 6x payslips, they will take it into consideration (as an average over the last 6x months). I would advise using a broker though.

LandCmortgages

Hello Marina, we thought that you might find our article 'buying a home with your salary plus bonuses' helpful: https://www.landc.co.uk/insight/2017/04/basic-salary-plus-bonus/