Some mortgage lenders are much happier to accept bonus income as part of a mortgage application than others. The banks and building societies acceptance criteria ranges typically from 50% of a bonus to – to nothing at all.
Trinity Financial has access one bank that is particularly generous and they will take 60% of any annual bonus into consideration. The lender has competitive rates and a premier underwriting team.
Aaron Strutt, a broker at Trinity Financial, says: “Many lenders will want to see proof of up to three-years bonus income and then they will only take 50% of it into account. The least generous lender has to be the Coventry Building Society as they will not take any annual bonus into consideration.”
Less generous mortgage lenders include:
- Coventry Building Society will not take annual bonus payments into consideration.
- HSBC may require up to three years proof of bonuses and then they will only take 50% in to account.
- ING Direct does not take annual bonuses into consideration at all, only monthly bonuses can be used on top of a basic salary on a mortgage application.
If you get a bonus built into your salary and you are looking for a leading mortgage lender, call us on 020 7016 0790.
February 28, 2013