More than one in four employees receiving bonus
Analysis of Government data shows more than one in four employees, or 8.62 million UK workers, are receiving bonuses on top of their salary.
Specialist broker-only mortgage lender Kensington highlights that more than one-third of men and just over one-fifth of women earn a bonus.
Men are more likely to receive bonuses than women with 34.7% of male workers receiving bonuses compared with just 21.1% of female workers.
Bonus income mortgages
Some banks and building societies are happier than others to accept bonus income as part of a mortgage application.
For example, NatWest will take 50% of bonuses into consideration for affordability purposes, but Kensington may accept up to 100% if applicants have a track record of receiving the payments.
Steve Griffiths, Head of Sales at Kensington, says: “Bonuses are an important part of total pay for more than 8 million people. This is not about multi-million bonuses, but hard-working people who rely on additional bonus payments as part of their total income.”
For help to secure a bonus income mortgage, call Trinity on 020 7016 0790.