Knowing the issues you could face will help you understand how you can make your income more attractive to lenders before you even apply. There are three main reasons our clients struggle with when getting mortgages with a complex income. If your earnings swing during certain months of the year and come through irregular channels at varying income amounts, you could be seen as higher risk by lenders and struggle to get accepted. If you’re living and working abroad and looking to buy property in the UK then you could struggle to verify your income, particularly if you’re earning in an overseas currency. Expats and earners in a foreign currency.You could have issues reaching your mortgage potential if you have income streams from multiple businesses, rental income from a property portfolio, or perhaps an investment portfolio producing dividends and providing capital to sell down.
Particularly if your earnings are irregular and fluctuate based on big projects or contracts throughout the year, you could struggle to get the full value out of your income. Or, if you work overtime during certain periods of the year - your actual annual income figures may not be written into your contract and you could struggle to get your overtime factored in.
If this is the case, you might not be able to get the full loan size you want, despite legitimately earning enough to qualify for it. It could be foreign currency income, a mixture of different types of earnings, or just an irregular and varying income pattern that separates your income from the norm.Īnd because some banks and mortgage lenders don’t deal with these complex income cases very often, they’re not always equipped to deal with your application in the appropriate way. Should I use a mortgage broker for a complex income mortgage?Ī complex income mortgage is a mortgage for anyone earning money through multiple sources or via unorthodox income streams.
How can you get a mortgage with complex income?
Why is it difficult to get a complex income mortgage? There are specialist lenders out there equipped to deal with complex mortgage cases, but you probably need to speak to a specialist mortgage broker to consolidate your application and connect you with the right ones. Many high street lenders will just take your largest source of income and exclusively use that figure for their income multiplier calculations.Įven if you supplement your income from self employed work, earn rental income, or can easily liquidate some capital, some banks won’t put in the extra effort to factor this into their mortgage calculators. If you earn a mixture of salary, dividends, bonus and freelance income - or any other form of complex income - then you could struggle to reach your full borrowing potential when it comes to your mortgage.