More News
More News
Residential mortgages Buy-to-let mortgages Large mortgage loans Interest-only mortgages Professional mortgages Self-employed mortgages Private banks First-time buyers Remortgages Offset mortgages Bonus income mortgages Best buy mortgage rates Foreign income mortgage Equity release mortgages Older borrowers Large buy-to-let mortgages Bridging finance Life insurance and income protection policies Contractor mortgages Ex-pat mortgages Commercial mortgages Market-Matters Market Matters Archive Best-Buys Help to Buy Large loan remortgages Holiday let mortgages Help to Buy mortgage scheme Contractor mortgages Life assurance and protection Show all Show less

ONS reports over £36 billion paid in bonuses

Aaron Strutt Image

Total bonus payments received across the whole economy during the financial year April 2012 to March 2013 were £36.9 billion, an increase of 1% compared with the same period in 2011/12. This equates to an average of around £1,400 per employee, according to data released by the Office for National Statistics.

Of the £36.9 billion paid in bonuses in 2012/13, £13.3 billion was paid in the finance and insurance industry, virtually unchanged from the previous financial year. Male managers' average extra payments were £6,442 last year compared with £3,029 for women. The pay gap between men and women is exacerbated by bonus payments given to male managers which are on average double those for women, says the Chartered Management Institute (CMI).

Aaron Strutt, product manager at Trinity Financial, says: "Most mortgage lenders are happy to accept bonus income as part of the mortgage application although some can be particularly tough. Mortgage lenders will typically accept half of your bonus, although this does depend on when it is paid monthly or annually. One lender accepts 60% of a monthly, quarterly or annual bonus, although the lender will require proof in the form of payslips or a latest P60."

Investec says that they will lend up to 100% of bonus providing applicants have a track record of receiving the income.

August 23, 2013

As seen in
sunday times telegraph financial times bbc news the express the times
Get Started

Get started today

Speak to one of our mortgage experts. Either book an appointment to come and see us, or request one of our experts to call you.

Book a Consultation Talk to an Expert