What income can qualify for a UK mortgage?

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Sunday March 19, 2023

Q: What income can be used to secure a UK mortgage?

A: That’s easy! Almost anything! Earnings, overtime, bonuses and commissions, investment dividends, rental yields – even the coins you’ve saved up in your swear jar (oops, just me then?!)

Theis to have proof of any source of income that you’re hoping to use to secure your mortgage. Lenders will want to see solid¬†documentary evidence that the income you earn is enough for you to comfortably meet your mortgage repayments.

Let’s explore further…

‍Employment income; otherwise known as wages or salary. Lenders will usually require payslips and employment contracts to verify your income.

️Self-employed income; if you earn money by working for yourself or on a freelance basis, you will need to supply a lender with documentation such as tax returns and financial statements.

Bonuses and commissions; if you earn overtime️, bonuses or commission as part of your employment, then you will need to evidence this in payslips, potentially 12 – 24 months’ worth.

Rental income; if you have rental properties and wish to use the income you’re making, lenders will usually require tenancy agreements and proof of rental income.

Investment income; including gains made from investments, such as stocks, shares, and dividends. You will be expected to provide bank statements and investment portfolio statements.

Pension; state or private pensions can be used to qualify for a mortgage. Lenders will require proof of the pension income, such as pension statements.

All lenders have different criteria and requirements when it comes to accepting sources of income. Come and speak to us at¬†largemortgageloans.com¬†and we’ll be happy to go through your options.

Give us a call ️or drop us a message¬†today.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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