Mortgage lenders who take into consideration bonuses?

[mpm1987]

Hi All.

I'm currently in the very early stages of looking into mortgages, and to buy my first property.

I am finding that most mortgage lenders will only take into consideration my basic salary.

I have heard that there are a few lenders who will take into consideration approx 50% my annual bonuses. Which last year was approx 50% of my yearly salary.

Hopefully someone will be able to point me in the right direction!

Thanks

[eightseventhree]

Looking at the Santander calculator that i have just they do . .

[davepoth]

Questions:

1)Is your bonus guaranteed?

2)If not, would you be able to pay the mortgage if you got zero bonus for a year?

[mpm1987]

davepoth said:

Questions:

1)Is your bonus guaranteed?

2)If not, would you be able to pay the mortgage if you got zero bonus for a year?

Bonus is not guaranteed, but its been paid for the last 12 months, every quarter, and has gone up in value each time.

I'd still be able to afford the repayments if I didn't receive the bonus

[Edinburger]

I've never had any trouble with this, my bonuses have always been used in affordability calculations based on previous tax year total gross earnings.

[mpm1987]

Thats what I wanted to hear.

Spoke to First Direct, and they said they wouldn't take bonus into consideration

[jdw1234]

HSBC did for me.

They used the mean average of 50% of my bonus for last three years.

[GuyWMD]

I'm in the final stages of going through the mortgage process, and the Woolwich took mine into consideration. It's only a token amount and I won't be depending on it, none the less once they'd received copies of my payslip which detail said bonus they were fine with it.

[Sarnie]

The weighting bonus' will vary from lender to lender. The key point with bonus' will also be how often it is recieved. Quite a few lenders will apportion 100% weighting to bonus's that are recieved monthly. 50% would normally be applied to quarterly or annual bonus'. Again, criteria will vary quite a bit from lender to lender.

[Rob P]

C&G do, 60% of the annual value added to your salary for the lending calculation.

[eliot]

jdw1234 said:

HSBC did for me.

They used the mean average of 50% of my bonus for last three years.

Same with me at hsbc. They wanted p60's for last 3 years. Bonus was less than 10% of my gross, so didnt make a huge difference. All academic as there offer was borderline insulting. Got a far better offer for the exact amount i wanted elsewhere, on the strength of a single payslip and didnt even mention my bonus.