Here are the latest updates from Barclays. These products are available via our direct to lender mortgage club which offers you payment on completion and a lot more besides!
Simplified monthly bonus, overtime and commission policy
We’re pleased to announce some changes to simplify our monthly bonus, overtime and commission policy – making it easier for you to advise your clients with additional regular income. These changes are effective from today, Monday 31 October.
What is changing?
From today, the calculation used to assess affordability for your clients requiring the use of monthly bonus, overtime and commission income will change.
When calculating affordability, we will use a minimum of 50% of the most recent 3-month’s payslip average in all cases.
Should more than 50% of the last three months’ payslip average be required, we will use the lower of either, 100% of the 3-month payslip average or 100% of the monthly average calculated from your client’s most recent P60.
Please note, when we calculate additional regular monthly income from the P60 we will exclude basic salary and any payments that are received less frequently than monthly.