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    • NewToTheUkAgain
    • By NewToTheUkAgain 14th Sep 18, 10:11 AM
    • 38Posts
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    NewToTheUkAgain
    Which Bank Is Better For Commission
    • #1
    • 14th Sep 18, 10:11 AM
    Which Bank Is Better For Commission 14th Sep 18 at 10:11 AM
    Good Morning,

    Apologies in advance if this question has been previously asked and answered already.

    My salary is very heavily commission based and I wonder which banks look most favourably with this.

    I intend to apply for a mortgage in about one year and would have a deposit of approx 20-30k.

    I have only recently moved back to the UK and literally have no credit history, but have managed to secure a couple of bank accounts already, Pay Monthly Sim Deal and a sub prime credit card.

    I do not intend to apply for anything else in the next 12 months apart from a mortgage.

    So I guess my question is which bank should I use for my main salary for the next 12 months as I am guessing itís always easier going to your own bank, but preferably one that takes commission well.

    What are the likely borrowing for a income of approx 60-80k, sole applicant. I know a lot has to do with affordability but I really do not have much outgoings. No loans etc and CC with small limit will certainly be cleared in full every month.

    Thanks so much!
Page 1
    • muhandis
    • By muhandis 14th Sep 18, 10:54 AM
    • 398 Posts
    • 157 Thanks
    muhandis
    • #2
    • 14th Sep 18, 10:54 AM
    • #2
    • 14th Sep 18, 10:54 AM
    With about 25%:75% basic:commission split (with variable commission every month), Nationwide turned out to be the best for my situation as they took the average of the commission earned in the last three months and did not mind that one of those months showed a huge spike.

    There might be other lenders or products now and your situation might have some variations from mine so this is DEFINITELY a job for a broker. See one.

    If you don't want to pay a fee, there are lots of fee free brokers in the market, so that's not a reason not to.

    Afaik, what bank you bank with has little/no impact on the likelihood of getting a mortgage through them.



    My salary is very heavily commission based and I wonder which banks look most favourably with this.
    Thanks so much!
    Originally posted by NewToTheUkAgain
    Last edited by muhandis; 14-09-2018 at 10:56 AM.
    • NewToTheUkAgain
    • By NewToTheUkAgain 14th Sep 18, 11:00 AM
    • 38 Posts
    • 30 Thanks
    NewToTheUkAgain
    • #3
    • 14th Sep 18, 11:00 AM
    • #3
    • 14th Sep 18, 11:00 AM
    Yes I was thinking a broker, maybe I will end up somewhere like Trussle.

    Thanks for your response too, it’s good to know there are lenders happy to take it.
    • dunstonh
    • By dunstonh 14th Sep 18, 11:53 AM
    • 95,825 Posts
    • 63,538 Thanks
    dunstonh
    • #4
    • 14th Sep 18, 11:53 AM
    • #4
    • 14th Sep 18, 11:53 AM
    Yes I was thinking a broker, maybe I will end up somewhere like Trussle.
    Probably better with a local broker.

    The internet/direct ones are factory line services who like to cherry pick the easy stuff but tend to fall over when you are pushing limits or have potential issues.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • ACG
    • By ACG 14th Sep 18, 11:54 AM
    • 17,830 Posts
    • 9,615 Thanks
    ACG
    • #5
    • 14th Sep 18, 11:54 AM
    • #5
    • 14th Sep 18, 11:54 AM
    Trussle/Habito etc, I am not sure they are really for your situation.
    You have 2 problems:
    1) Heavy reliance on commission.
    2) Lack of credit history.

    You need a lender who will look at both and Trussle and the like tend to only want straight forward cases. I could be wrong, but I do not think you are their type of customer.

    I would speak to a real broker personally.
    I am a Mortgage Adviser
    You 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.
    • NewToTheUkAgain
    • By NewToTheUkAgain 14th Sep 18, 12:31 PM
    • 38 Posts
    • 30 Thanks
    NewToTheUkAgain
    • #6
    • 14th Sep 18, 12:31 PM
    • #6
    • 14th Sep 18, 12:31 PM
    Thanks for the advice, I will definitely look at a local broker.

    Is there a good place to look for mortgage brokers in terms of being a specialist etc
    • dunstonh
    • By dunstonh 14th Sep 18, 12:46 PM
    • 95,825 Posts
    • 63,538 Thanks
    dunstonh
    • #7
    • 14th Sep 18, 12:46 PM
    • #7
    • 14th Sep 18, 12:46 PM
    Thanks for the advice, I will definitely look at a local broker.

    Is there a good place to look for mortgage brokers in terms of being a specialist etc
    Originally posted by NewToTheUkAgain
    Avoid estate agent based brokers (unless its an independent). Apart from that, any whole of market broker should be fine.

    Nowadays, mortgage brokering is a role in itself. So, the experience a local broker has should be all that is needed. Most local firms will have that experience.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • NewToTheUkAgain
    • By NewToTheUkAgain 14th Sep 18, 2:37 PM
    • 38 Posts
    • 30 Thanks
    NewToTheUkAgain
    • #8
    • 14th Sep 18, 2:37 PM
    • #8
    • 14th Sep 18, 2:37 PM
    Definitely a broker who knows what there doing, I completed my outgoings and incoming on Trussle and they seem to think a mortgage of £162k! I only searched with them as they do not do any searches at this point.
    • kingstreet
    • By kingstreet 14th Sep 18, 2:57 PM
    • 34,351 Posts
    • 18,659 Thanks
    kingstreet
    • #9
    • 14th Sep 18, 2:57 PM
    • #9
    • 14th Sep 18, 2:57 PM
    I've done an application this week (with a high street lender) for a couple with incomes of £97,000 and their basics were only £30,000 of that.

    The mortgage amount is £281,000 on a purchase price of £376,500 on HTB - it's a newbuild.

    We used an average of last six months variable earnings and the lender was happy with that.

    Any decent independent broker should be able to do this...
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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