5 illustrative situations for bonus and commission mortgages, with preparation questions and considerations. These are not actual client cases or promised outcomes.
These examples explain situations worth discussing. They are not records of actual clients, approvals, quotations or completed transactions. Any outcome would depend on an individual assessment.
A professional receives a substantial payment once a year. Its history and expected continuation need evidence.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
A borrower's commission changes with sales performance. A single strong month is not the whole income picture.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
An employer has altered the remuneration structure. The new terms need to be understood alongside historic payments.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
A mortgage applicant is considering bonus and commission mortgages. The brief includes recent payslips and a separate question about bonus or commission history. Monthly commission, an annual bonus and a guaranteed contractual payment have different characteristics. The evidence and the decision need to be considered together rather than in isolation.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
A mortgage applicant is preparing for bonus and commission mortgages, but the information about employment contract and scheme terms changes while a question about bank statements and any employer confirmation remains unresolved. The earlier outline is updated, the original focus is reconsidered and the next step is agreed using the current facts.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
Monthly commission, an annual bonus and a guaranteed contractual payment have different characteristics. We look at payment dates, amounts and any changes to the scheme. Employer confirmation can help explain an unusually high or low period.