Your own bank may not understand your industry, but we do. There are specific banks that specialise in each industry, it is our job to find the right bank for you. Some banks may even approve you for a higher mortgage than another bank depending on your industry sector and depending on what way your income is paid to you. Below are some of the different industry sectors which we regularly work with.
All sources of information correct as of 01/01/2023.
A mortgage based on say, 4 Times your income (if you are classed as first-time-buyers*) could be different with each bank because each bank treats your income differently. For example, if part of your salary includes bonus payments, commission payments, car allowance credits, stock income, premiums for weekend work, overtime and shift allowance, each bank looks at this differently. Some banks may take all your extra income into account, and some may not. Therefore, your variable income could be your leverage in terms of increasing the mortgage amount that you qualify for once you are being supported by the right bank.
*https://www.centralbank.ie/financial-system/financial-stability/macro-prudential-policy/mortgage-measures
Are you on a contract daily rate? Generally, you would be classed as a self-employed individual in this scenario. There are specific banks that are best for you. The banks generally require your last two tax returns in order to understand your level of income. They will also request details of your current contract, for example your current daily rate and contract length remaining.
Often Medical Consultants have two streams of income – self-employed private practice and PAYE income. In general, the banks require to see two years’ history of your private practice income in order to take this into consideration, however at times there could be some allowances made in relation to the 2 year rule given your profile and demonstrated earnings in your area of expertise.
Some banks will extract the profits in your company in order to increase your income which they can use in their calculations. This can substantially increase the mortgage amount that you qualify for.
In general, the banks are very supportive of public sector workers based on the profile of your sector, the fact that it is deemed more stable and secure than other sectors plus you have a guaranteed pension payment. With this, there are some banks that will take your future income into account which can help to increase your allowable income for the purpose of calculating your mortgage.
Often shift work is part and parcel of working in Big Pharma. Not all banks will take all your shift allowance into account, they may only take a portion of it into account. Therefore, it is important to work with a bank that does understand how your industry works. We work with the banks that support Big Pharma.
There is generally lots of overtime, premiums, location allowance and uniform allowances included in your pay and often taken as guaranteed by you. For the banks to take this as guaranteed, they often require you to have worked for a certain period of time in your job in order for them to understand the average level of overtime associated with your role.
The first preference for the banks is that you are in permanent full-time work, however the jobs market is made up of many different types of job roles. The flexibility of non-permanent workers is a key requirement in certain industries. Some banks understand this more than others and can offer a mortgage to you. Although, the banks generally do want to see what you have earned in your role over a period of time, at least 12 months. We work closely with these banks and have secured mortgages for people on casual and non-permanent contracts.
Are you working for one of the big IT companies? There are banks that may consider a big portion of your BONUS income once you can show that you have been paid this over a period of time, say 2-3 years.