Getting mortgage with commission based job?

[schueymcfee]

I'm thinking about taking the plunge and becoming a 1st time buyer. My job gives me the potential to earn 30k pa but half of that is commission based, so really I have a guranteed 15k, how would my mortgage be calcualated?

Thanks.

[JonRB]

You're best bet is to look into a "Self Certification" Mortgage, where you basically say to the lender 'I can afford it, honest guv' and they say no more.

You'll need to talk to an IFA for more details, but that is definitely the way to go.

[stepej]

JonRB said:

You're best bet is to look into a "Self Certification" Mortgage, where you basically say to the lender 'I can afford it, honest guv' and they say no more.

i'll second that got one from Birmingham Midshires (part of HBOS group) last year. applied over the phone, signed the forms and got the money...

[obiwonkeyblokey]

I also had the same with Birmingham Midshires a few years ago when my salary was about 15k, and ote 35k went self cert.

However there was a telly program about this recently which specifically focused on this company, so they may be a little tighter now.

[clarkey]

You really need a 25% deposit to get a decent self-cert mortgage. If you can't do this, you may get 100% basic and 50% commission accounted for in the income calculation. Depends on how much commission you have earned over the last few months, and how 'creative' a reference you can get from your employer. Get a decent IFA!

[smirnoff]

clarkey said:

You really need a 25% deposit to get a decent self-cert mortgage. If you can't do this, you may get 100% basic and 50% commission accounted for in the income calculation. Depends on how much commission you have earned over the last few months, and how 'creative' a reference you can get from your employer. Get a decent IFA!

You can do it with 15% email if you want to know more!!

Adrian