Bonus Income Issue

opteron

Hi,

I get a tricky issue regarding my bonus income when applying for mortgage. It would be nice if you can help take a look.

I've been in my job for 1.5 years. On last year's bonus day, I was still in the probation period. I received very limited bonus. Later on, I passed probation and got a salary raise. On this year's bonus day I got much better bonus.

I bank with HSBC. It seems many lenders, including HSBC, typically use 2-year average when considering bonus income, which will put me in a very disadvantaged position. How likely will the underwriter agree to use my most recent bonus instead of 2-year average if I emphasise the fact that I was in probation period on last year's bonus day...?

Any suggestions are welcome!

jashdown

Unfortunately the rules are the rules! Highly unlikely a lender would deviate from these.

What you might find with some lenders is that instead of an average of the 2 years worth of bonuses, they will use the lower of the two amounts - so you will have to do your research or speak to a broker to find out which lenders can help you get the amount you wish to borrow