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27k + 2K bonus is 27K or 29K?
davidla
Posts: 113 Forumite
Hi
A job agency has asked me if I would be interested in a job that pays 27K + a 2k annual bonus. When we remortgage at the end of the year would the bank/building society say that my salary was 27K or 29K when assessing affordability?
Thanks,
David
A job agency has asked me if I would be interested in a job that pays 27K + a 2k annual bonus. When we remortgage at the end of the year would the bank/building society say that my salary was 27K or 29K when assessing affordability?
Thanks,
David
0
Comments
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I never count bonuses/overtime as part of my salary as I don't know if they will be there in a few years time. I work on my flat salary, if you borrowed on your salary+bonus, and the bonus dried up would it leave you struggling to afford the payments?0
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Its 27k plus 2k bonus as far as the lenders are concerned. If you have built up a history of bonuses then the lenders will typically allow you to include more of the bonus in your income multiple. With no history of bonuses (as a new job) they may not allow you to include any. It really depends on the lender and their criteria.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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if the bonus is guaranteed, it will be taken wholly if its not then 50% of this should be used - as a rule of thumb.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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Thanks very much for your replies. I feel that I need to earn 28K+ to be able to remortgage more comfortably - hence the question!
David0 -
If you are just switching deals with the lender rather than remortgaging then it doesnt matter.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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