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Clydesdale Bank is one of the first large mortgage lenders to ease its acceptance criteria and start taking a much larger percentage of bonuses, commission or overtime into its affordability assessment.

As of today (18 December 2020) the bank will accept variable income received after 2 December 2020 to show that customers have continued to receive variable income through the challenging economic conditions.

Clydesdale Bank will use 60% of any bonus, commission or overtime. For variable pay received annually, six-monthly or quarterly, the lender will use 60% of the two-year average. If the most recent year is lower, it will use 60% of that.

For variable pay received monthly, the bank will use 60% of the variable pay from the lowest of the most recent two payslips. If the year to date figure is lower, it will use 60% of the variable pay showing in the year to date.

What will you need to prove for Clydesdale to accept bonus, commission or overtime for a mortgage?

For variable pay received annually, the ledner will need the most recent bonus payslip which must be dated 2 December 2020 or later, plus the 2020 P60. For variable pay received six monthly or quarterly, Clydesdale will need the most recent bonus payslip which must be dated 2 December 2020 or later, plus the two most recent P60s.

Clydesdale can accept compensation statements or bonus payslips instead of P60s, as long as they cover a two-year record. For variable pay received monthly, it will need the most recent two months’ payslips, at least one of which must be dated 2 December 2020 or later.

Aaron Strutt, product director at Trinity Financial, says: "It is harder to get a lender to take variable income like bonuses and commission at the moment but there are options. Clydesdale was accepting 50% of this income before it increased back to 60% while some lenders have stopped using variable income completely."

Call Trinity Financial on 020 7016 0790 to secure a bonus, commission or overtime income mortgage or book a consultation 

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