Yes, I seen that in their criteria on their website which is encouraging. For affordability I'm more than covered, but as a single buyer I do need the bonus to be considered on the LTI for houses that are in my sight.Ulster Bank took the average of the last three years’ bonus for me.
EDIT: That wasn’t this year; I just looked at their Intermediaries site and it says that they allow it for the purposes of the Loan To Income (LTI) calculation only. Which is helpful I guess. So included for ‘3.5 times’ purposes but not for affordability.
I'll also share here what bank of Ireland are currently offering in terms of bonus and rsu consideration in the current climate.During normal times in my own experience the banks have allowed 50% of my average bonus over 3 years, and from knowledge garnered on here they can take RSU's into consideration.
Posters have commented here that now banks are not taking into consideration Bonus or RSUs currently. I am currently going through a mortgage approval and will be able to add colour shortly.
Does your broker not have an idea?
It really depends on who you work for in current environment. Cash bonus and RSUs will be looked at differently.
I suppose I didnt realise banks could/would be potentially looking at these mortgage applications with such detail on a case by case basis. Essentially didnt realise that a bank would possibly appreciate my bonus more or less than another applicant based in our company. My broker has mentioned that my company has good standing with banks and they should look at my application more favourably.My fear would be that the website stuff mightn’t be up to date.
It’s an advert for using a broker to be honest if there’s any nuance to a case.
It’s easy to think that bonuses might be history across the board but in some sectors that’s not the case.
What documentation did your broker look for as evidence of your RSUs for past & future vestings? My company will not include them on the salary cert. I'm curious to hear what banks will accept as proof.I suppose I didnt realise banks could/would be potentially looking at these mortgage applications with such detail on a case by case basis. Essentially didnt realise that a bank would possibly appreciate my bonus more or less than another applicant based in our company. My broker has mentioned that my company has good standing with banks and they should look at my application more favourably.
My worry here is that only base pay is considered across the board. But will know in the next couple of days
Thanks for that. It’ll be disappointing if they disregard all of it. I’m hoping ICS might biteWe are going through the mortgage approval process at the moment.
I posted information regarding RSUs in this thread: https://www.askaboutmoney.com/threads/restricted-stock-units-and-mortgages.217711
Thanks for that. It’ll be disappointing if they disregard all of it. I’m hoping ICS might bite
Got my AIP back from BOI last week, I think in total it was 12 working days to get it back. They included all of my guarenteed income, plus the average of my bonus and RSU's of the last 3 years. Overall happy with it
Got my AIP back from BOI last week, I think in total it was 12 working days to get it back. They included all of my guarenteed income, plus the average of my bonus and RSU's of the last 3 years. Overall happy with it
I don't work for Amazon. I'm going through a broker and haven't had direct dealings with BOI, but the amount they gave seems to suggest they're taking in the average of RSU + Bonus. It could potentially also be the case that they're taking a 3.5* my most recent bonus (larger than previous ones) and no RSU. both calculations land me in and around the same number, but my broker suggested the RSU's would be taken into consideration.That's interesting, if you don't mind me asking, do you work for Amazon? When I approached BOI a few months back, they advised that they only took RSUs from Amazon into account.
If you don't work for Amazon, who's your contact in BOI?
I don't work for Amazon. I'm going through a broker and haven't had direct dealings with BOI, but the amount they gave seems to suggest they're taking in the average of RSU + Bonus. It could potentially also be the case that they're taking a 3.5* my most recent bonus (larger than previous ones) and no RSU. both calculations land me in and around the same number, but my broker suggested the RSU's would be taken into consideration.
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