Mortgage application - query re bonus

A

Advicepls

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Just wondering what percentage of bonus is included for mrtg application? Bonus has been roughly 15k for about 10 years but obv on the salary cert its ticked as irregular as its not necessarily "guaranteed". Applying to Ulster Bank primarily.
 
It varies a little depending on the bank, but the most common approach is to take the average bonus of the last two years, then add 50% of that figure to your basic salary, i.e. add around €7.5k in your case. If you really wanted or needed to take more of it into account for the 3.5 times assessable income limit, then PTSB would probably be your best option.

Best regards,
Dave Curry CFP®
https://www.linkedin.com/in/davecurryirl
 
Re Ulster Bank, the following should apply.
There is a difference between what they'll allow for CBI criteria, Vs their own underwriting.
  • Full amount of bonus can be included as part of the income calculation, up to a maximum of 20% of basic salary, capped at 3.5 times multiple
  • Bonus should be in receipt for a minimum of the previous 2 years
  • The average of the last two years bonus should be used
  • Evidenced by a bonus grant letter or other confirmation from employed
 
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