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moneysupermarket.com community... » Forums » Money & finance » Loans » Re: loan

loan

Last post Thu, Jan 05 2012, 2:40 PM by Skywalker. 3 replies.
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  •  Thu, Jan 05 2012, 2:40 PM

    Re: loan

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    Your previous loan was a mortgage secured on a property. This loan is an unsecured loan? Based on an income which is commission driven, and therefore not quantifiable?
    • Post Points: 5

  •  Thu, Jan 05 2012, 9:17 AM

    Re: loan

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    Surely if you can prove that your commission is consistant over the last year or more as my commission makes up the majority of my income so if lenders are just basing it on your basic salary then I can't see how I can ever borrow. Yet my mortgage company took my commission on board when purchasing a house

    Okay thanks for clarifying so I guess there is no way round this then?

    • Post Points: 20

  •  Thu, Jan 05 2012, 9:10 AM

    Re: loan

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    Commission is a non regular form of income. It could be £10,000 this month but you could face £0.00 or a clawback next month and as such lenders are reluctant to allow it as a form of income as it can be so unreliable and dependant on personal service levels which it cannot factor into its calculations
    • Post Points: 20

  •  Thu, Jan 05 2012, 9:03 AM

    loan

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    Hi,

    Please can you tell me which banks/lenders will accept an application based on not only net income but Commission also. I am struggling to find any lenders who will accept my commission as part of the application

    Thanks
    • Post Points: 20