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Advice please - bonuses and mortgages
meanmachine_2
Posts: 2,624 Forumite
Now don't get excited. I haven't buckled under the intellectual weight of arguments on this forum in favour of buying...
This is for a friend.
They have a contract whereby they get a bonus at the end of the year, based on performance.
Basic is, say, £30K, and their bonus is up to a max of 10K on top.
Lovely brokers on this forum, just wondering whether any mortgage companies take this potential (but not guaranteed) income into account when it comes to how much they'll lend. And if so, who?
Many thanks in advance. (from the friend, I should point out...
)
This is for a friend.
They have a contract whereby they get a bonus at the end of the year, based on performance.
Basic is, say, £30K, and their bonus is up to a max of 10K on top.
Lovely brokers on this forum, just wondering whether any mortgage companies take this potential (but not guaranteed) income into account when it comes to how much they'll lend. And if so, who?
Many thanks in advance. (from the friend, I should point out...
) 0
Comments
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Have they received the bonus in the past from the company?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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herbiesjp wrote:Have they received the bonus in the past from the company?
No. They've worked for the company before, but this is a different contract, with this bonus on top. Therefore there isn't precedent.
Sorry, should have mentioned that.0 -
There may be some lenders that may take 50% or 60% into account - high street names.
It will need explaining to the lender in detail, and will depend on the circumstances of the whole application as to whether they will look at using this income.
When you say it is based on performance - is this persoanl performance or overall company performance?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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