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Nationwide opens door to bonus, overtime and commission income

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  • 21/04/2021
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Nationwide opens door to bonus, overtime and commission income
Nationwide Building Society will begin allowing bonus, overtime and commission income to be included as part of the mortgage affordability calculation from tomorrow.

 

The Society temporarily suspended accepting bonus, overtime and commission income at the height of the pandemic due to economic uncertainty.

However, since July last year Nationwide says it has continued to relax its criteria and expand lending. Yesterday the lender revealed it would offer a 5.5 loan-to-income multiple to qualifying first-time buyers taking a five or ten-year fixed rate up to 90 per cent loan to value. The enhanced LTI is available from 26 April.

It also increased its maximum lending term back up to 40 years.

Henry Jordan, director of mortgages at Nationwide Building Society, said: “As a responsible lender it’s important we ensure that borrowers can afford their mortgage payments both now and in the future.

“At the height of the pandemic, with lots of economic uncertainty, particularly in the jobs market, we took the decision to suspend accepting bonus, overtime and commission payments. As we ease out of lockdown we are now in a position to relax our criteria further and support more borrowers in buying a new property.”

 

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