Will you take all my salary into account?

In assessing a mortgage application the key consideration lenders look at is ability to service loan repayments.

In order to assess this, lenders review your current income and make estimations as to the likelihood of your income continuing into the future. In this regard certain classes of employment are by their very nature more secure than others. In assessing a mortgage application the key consideration lenders look at is ability to service loan repayments.

In order to assess this, lenders review your current income and make estimations as to the likelihood of your income continuing into the future. In this regard certain classes of employment such as Public Sector may be more secure than others.

In considering income the following points are relevant:

• Some overtime will be taken into account –depending on the pattern of overtime. An element of bonus, to the extent it is guaranteed, will be taken into account
• Consideration will be given to length of employment and security of employment
• For commission based income – lenders estimate normal income levels
• For Public Sector Employees - some lenders take your basic pay as two points up the salary scale from where you are presently
• For contract employment lenders will look at the nature and length of the contract /contracts and the likelihood of income continuance
• Other income to the extent it is verifiable and continuous will be taken into account.