Modern employed roles often have varying income types and irregular working hours. Some people still find they are declined by mortgage lenders because they simply don’t understand or are not comfortable with how their income is derived.
Some mortgage lenders will not take commission, overtime or bonuses into consideration. Others may demand as much as 2 years history of “irregular income” from P60’s, with others only averaging the last 3 months (which may miss out the months where you have earned the most!).
More people than ever before are in the position of not having just a single regular source of income; recent economic stresses have had an effect on how people earn their living, with many working freelance or jumping from contract to contract. Other people may rely on pensions, interest payments or dividends as part of their income and yet still need to apply for a mortgage.
Income is classed as complex by lenders if it is made up of several different sources, and/or can be variable income from month to month. That’s where we come in, as we can help you decide what income will count and we can then advise you as to which lenders will consider you.
Mortgage lenders may also not lend to people on zero-hour contracts, agency workers, people who have been employed for less than 3 months or starting a new job. Many mortgage lenders will also not take any state benefit incomes into consideration.
Our specialist lending knowledge will help in all of the following situations:
- 100% of Commission, overtime or bonus
- 100% of shift allowance, car allowance, London weighting etc
- Zero-hour contracts
- Agency workers
- People on probation
- New jobs (even if not started yet)
- State benefit income
Our specialist mortgage advisors will assess your payslips and contract to achieve the maximum you can borrow at the best interest rate available.
If you would like to be contacted by a mortgage advisor who is experienced and knowledgeable in this specific area, please use our find a mortgage tool to answer a few short questions.
As a mortgage is secured against your home/property it may be repossessed if you do not keep up the repayments.