If you have income from various sources, and are looking at mortgages with multiple income streams, there’s hope. There are lenders who take a view on your income according to certain criteria.
As most lenders like simplicity, lenders often pick the largest income and try and make that work.
As people’s working patterns become more complex, so does their income. There are actually a few easy route’s through this. But this depends on your personal situation and can be navigated quite easily. However, the more complex the situation the more need for advice. So please do speak to an adviser as early as possible in the process if you fall into this category.
Lenders are eager to ensure you can verify your income. Certain lenders will accept applications from company directors, for example, if you have the appropriate paperwork for proof of income. “Unearned income” such as rental income or other types of investment income often needs a specialist lender or arrangement to be found.
A complex income often comprises not simply salary and bonus or commission, but other sources too. These may be in the form of dividends, foreign currency earnings, investment monies and trust fund arrangements. This is particularly true of high net worth individuals who often have a portfolio of income and investments. Each of these income sources needs to be identified, divulged and verified.
When verifying employee income, salary, bonuses and commission this is relatively straight forward to confirm. Private and company income may be more problematic, and a third party, such as your accountant may need to be involved. This is especially true when demonstrating yoru track record of income, or if your earnings are subject to fluctuation.
It may be that specialist lenders or bespoke arrangements need to be put in place. These types of arrangements are often only available to intermediaries such as experienced mortgage brokers.
As you can see above, if you have multiple income streams when seeking a mortgage, you are likely to need specialist advice.
We specialise in this area, so would encourage you to speak to one of the The Team just to see what your options are before progressing too far with an application. This will ensure you get a smooth experience when applying for your complex income mortgage.
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