Within the banking sector, much of an individual’s income can be linked to bonuses, which can vary significantly on an annual basis. This was the case with our banker client, who needed to include their bonus income in order to achieve an affordable mortgage rate on a high value property.
The client
Our client was a US national with a permanent right to reside in the UK. As a banker, the vast majority of their income was related to their annual bonus. Inevitably, their income fluctuated based on the bonus they received in any given year, providing an inconsistent income.
The client had approached a number of lenders who would only consider a maximum of 50% of their bonus income. The client required 100% of the bonus income to be considered in order to make the mortgage affordable and to acquire their desired property.
Our solution
Articus Finance worked closely with the client in order to make a robust case to lenders of the individual’s yearly income potential, based on previous bonuses. Our close relationship with a private lender also ensured that they would consider 100% of the client’s income in the affordability process.
We were successfully able to secure the client a mortgage amount of £1 million at an affordable rate, enabling the client to acquire their desired property and an ideal outcome for them.
The case in brief
- Property value of £1.5 million
- Inconsistent income predominantly through annual bonuses
- Needed a lender who would consider 100% income
- Achieved an affordable mortgage of £1 million
Many lenders will not consider all bonuses when assessing mortgage affordability. In this case, we proved that there are lenders who will take a more flexible approach. Read more about our services for bankers and for US citizens, or speak to a broker today.
