In this section we cover monthly, quarterly and annual bonus packaging:
Acceptable: Yes
On the application, key in: Main employment section when asked 'Does the applicant receive an additional income from this employment?'
Select option: Discretionary bonus and select correct frequency
Evidence: Latest 4 Payslips showing bonus payment for each quarter
Further information:
We can consider 100% of quarterly bonus evidenced by the latest 4 Payslips showing the bonus payment for each quarter.
Annual or Bi-annual discretionary bonus – Max 50%
Acceptable: Yes
On the application, key in: Main employment section when asked 'does the applicant receive an additional income from this employment?'
Select option: Discretionary bonus and select correct frequency
Evidence: Payslips showing bonus for last 2 years. 2 Payslips where annual or 4 Payslips where bi-annual
Further information:
• Income has increased, we will calculate the average income over the last 2 years.
• Income has decreased, we will use the most recent year's income, where it reflects a lower figure.
For affordability calculations, 50% of this income will be considered. When it comes to discretionary bonuses, we will average the cash elements of bonuses received over the last 2 years.
When keying our calculator and application, please input 100% of the bonus amount based on the above calculations.
Annual or Bi-annual guaranteed bonus – 100%
Acceptable: Yes
On the application, key in: Main employment section when asked 'does the applicant receive an additional income from this employment?'
Select option: Guaranteed bonus and select correct frequency
Evidence: Payslips showing bonus for last 2 years. 2 Payslips where annual or 4 Payslips where bi-annual. Contract also required
Further information:
• Income has increased, we will calculate the average income over the last 2 years.
• Income has decreased, we will use the most recent year's income, where it reflects a lower figure.
For affordability calculations, 100% of this income will be considered. When it comes to discretionary bonuses, we will average the cash elements of bonuses received over the last 2 years.
When keying our calculator and application, please input 100% of the bonus amount based on the above calculations. We will require the contract to confirm there is no stipulations on the bonus being paid.