Lenders to relax rules on income
Workers who get bonuses or overtime income may find it easier to get a mortgage as more lenders relax their rules and cut rates. Halifax has increased the amount that workers who receive perks on top of their base pay can borrow. The bonus, commission and overtime income it uses in this affordability assessment will double from 30% to 60%, having been cut during the pandemic. Clydesdale has been accepting bonus income since December, and in May Coventry Building Society said it would accept half of bonuses. Santander can take up to 100% of your bonus income if you can prove that the amounts are regular and consistent.