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  • #1

    Loans companies that except bonus's in their affordability checks

    Hi Guys


    Does anybody know which banks/loan companies except Salary bonus's as part of their affordability checks?. Recently went to my own bank (HSBC) and failed the affordability check as they only work on absolute basic wage.

    Any help would be much appreciated.

    Richard
    Tags: banks, benefit, bonus, brokers, card, checks, child, child benefit, commission, companies, cra, credit, debt, expenses, extra, funds, housing, hsbc, income, lenders, lending, loan, loans, mortgage, paid, salary, targets, wage, website
  • #2
    Re: Loans companies that except bonus's in their affordability checks

    Don't think there will be any. They will look upon at it as an extra that you MIGHT get. No Bonus is guaranteed to be given.
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    • #3
      Re: Loans companies that except bonus's in their affordability checks

      Some banks/mortgage companies will but it depends on the frequency and reason for the bonus e.g. is it a guaranteed monthly bonus based on commission which may fluctuate but there will always be 'something' paid monthly. In this scenario some lenders will look at the average paid for the previous two years. Or is it an annual bonus based on performance/targets which most will ignore in affordability checks. Each lender has it's own criteria. Some will deduct travel expenses from your available funds while others will include Child Benefit to boost your income.

      You've PMd me the name of your lender and in my experience High Street banks can be the toughest to satisfy. But just because one lender turns you down that doesn't mean another lender wouldn't make you an offer. All lenders have a website for intermediaries (the brokers who sell their products). You can usually find the lending criteria on those sites so you know whether you're wasting your time before you apply. Any application for credit shows on your CRA file. If a lender sees too many they'll assume you've been rejected by others and this unsettles them. So do your homework first to avoid setting yourself up for a rejection.

      This thread relates to the OP's housing issue here:

      http://forums.all-about-debt.co.uk/s...l=1#post371760

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