A household can have a strong income while still finding mortgage affordability complicated if part of that income comes from overtime, commission, bonuses or multiple jobs. Lenders do not necessarily treat every payment on a payslip in the same way. Preparation and accurate documentation can make complex-income cases easier to understand. Separate guaranteed and variable income Start by separating basic salary from overtime, commission, bonus and other variable payments. This gives a clearer picture of the household’s dependable income. A lender may consider regular variable income using historic evidence, while an occasional payment may be treated differently. The exact method…
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