Location: Newbury, Berkshire

Loan Amount: £1,300,000

Finance Category: Residential Mortgage

The Story

Fox Davidson was approached by clients looking to move home and upsize substantially.

They had a sale agreed on their existing main residence and had seen a property they liked, however, it was a considerable uplift in price to their current property – they were unsure whether they would have the affordability to purchase it.

The Challenge

We had an initial 15-minute chat with the clients and ascertained that applicant one had a good basic salary and also received a substantial annual bonus each year.

He was unsure whether this could be used, as it was variable, however, having checked, he had a track record of this bonus over the last few years, so we were confident we could use it towards their affordability assessment for the mortgage.

The Solution

After completing a full fact find with the clients and collating paperwork (such as two years’ proof of bonus payments), we approached a lender who could use the bonus in their affordability calculations.

The underwriter was able to understand the bonus income and how this would continue.

They were comfortable that the client’s variable income had not been affected by the pandemic and would stay on track in years to come.


Using Bonuses And Commission For Mortgage Affordability

Fox Davidson is an award-winning team of residential mortgage brokers. To discuss your mortgage funding requirements, please email enquiry@foxdavidson.co.uk or call us on 0117 989 7950.

Sarah Fox-Clinch

Director & Property Finance Consultant

About: Sarah has been in the mortgage industry for over 20 years and has amassed considerable experience in complex lending situations. Her passion is assisting clients with high-value transactions, property with acreage, and lending based on complex income. Sarah’s work ethos is to focus on each individual and give the time and support needed to help them move forward with their lives.

Favourite Film: Alien or Blade Runner

Quote: “Wanting to be someone else is a waste of who you are.” – Kurt Cobain