Variable pay and Mortgage application

simpson_77

Hi,
I'm in the process of trying to get a 75% LTV mortgage offer after out last offer ran out at the end of Feb (buying a new build). Latest setback from broker is no lenders are taking commissions / bonus into account. Is this the case across the board?  and should I sacrifice the interest rate to get an offer on the table, thinking once we get be back to some form of normality, rules are relaxed i can get a better offer before we complete.
We exchanged contracts in June last year  would have competed middle of May if everything had stayed on course. Credit history is all good, no missed payments, CC balance etc

Thrugelmir

Does your purchase contract contain a long stop clause? 

simpson_77

yeah, its the 13th April, but we don't want to use if possible

[Deleted User]

Will the lender not extend your old offer? Given everything that's going on, it's worth a try.

Bonus etc. is still being used at some lenders, but any that do use it will look in a lot more depth than previously - what exactly is the bonus/commission/overtime for, what are the chances you can earn it in the current and next year etc. 

Variable income at a supermarket, NHS etc. - seems incredibly likely, if you also have the track record supporting it.
Commission as a used car salesman, seems unlikely.

So it will depend on the specifics of your case and the amounts involved - at some lenders you may well pass without needing it anyway.

Have you got a broker? I'd look at getting/talking to a broker and going through the figures - due to how each lenders calculates their max lend, they'll be differences anyway.

I personally really wouldn't try getting 2 offers (e.g. getting any old 'holding offer' now, and then trying to beat it later on) - If you're really wanting that, I'd say something with no ERCs and then doing a re-mortgage after 6 months ownership is going to be a lot less stress.

Not sure how Solicitors (or even lenders) would look on you having 2 x offers, it might cause you more problems in terms of credit scoring (trying to apply for another mortgage could technically be classed as a 'material change', so your first 'holding' offer could be revoked and then you also don't get the second for any number of reasons!)