Commission and Bonus based income mortgages

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Commission and Bonus based income mortgages

Most lenders will allow commission and bonus income towards your mortgage. Although not all of them will allow 100% of this type of income. Because this income isn’t as straight forward as someone with just basic salary income it’s best for you to speak to an advisor who can present you in the best possible way to lenders to maximise your income.

Most lenders will want to see a minimum of 3 Months pay slips showing commission income on each one. They will usually average the last three months BUT this can vary from lender to lender.

Each lender will look at commission income differently. IF your commission income is higher than your annual basic salary, some lenders will cap your commission income to what your basic salary is.

We have a vast amount of existing clients who have low basic income but high commission income, so we are more than capable of helping you maximise your borrowing potential.

The same goes for Bonus income. Some lenders will use up to 100% of Bonus income subject to how frequently its paid to you. If you get bonus income which is paid monthly then you can expect some lenders to use up to 100% of this. If, however your bonus income is paid less frequently then it’s still possible to use this income, but we need to consider how often it’s paid.

If you get a bonus annually then most lenders will want to see a history of this. So we would need to evidence this income paid in the current year and the previous year.

All lenders have the right to refuse to use any income, which is why it’s always best to speak to a mortgage advisor who can look at your circumstances as a whole and find the best outcome for you.

All mortgage applications are subject to affordability, criteria and credit status.

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