People who have multiple income streams, or whose annual income is concentrated in certain parts of the year, have what is known as complex income. This kind of situation applies to those who are self-employed, freelance workers, contractors, and people with multiple part-time jobs who may have fluctuating levels of earnings. It also includes those who rely on investment income, dividends, government benefits and commission-only types of employment. Landlords who get their income from rental properties may also have complex incomes.

When it comes to taking out a mortgage, having a complex income can present certain difficulties as lenders prefer applications that are straightforward and don’t involve too much extra work or risk management. People with complex income types may have gaps in their employment, or a poor credit history, which can impact the lender’s ability to issue a loan.

However, the mortgage market is adapting to accommodate borrowers of all kinds and increasingly mortgage providers are taking complex income into account when making affordability calculations. It’s important for people with complex incomes to make use of mortgage brokers, as they have experience working with a variety of financial situations. A mortgage broker can guide you through the application process and help you find a lender who is willing to work with your complex income.

What is complex income?

For most employees, their income comes as a set salary - paid out at the same time each month. This however isn't the same for everyone.  A complex income is an income that can vary, not regular or an income from other sources.

Different examples of complex income are:

• More than one source of income, such as multiple part time jobs
• Income made up of fluctuating overtime, bonuses and commission
• Basic salary paid in a foreign currency
• Largely/solely dependent on rental income
• Fluctuating self employed income
• Contractors' income - due to fluctuations in wages
• Company directors - dividend, salary, directors' loan



How can I get a mortgage with complex income?

Although it has become more popular with mortgage applications, having complex income can still present some issues. Specialist mortgage brokers will advise and help you obtain a mortgage application. With their knowledge and expertise, they can help you find the best loan for your situation and ensure that you are able to make your dreams of owning a home come true.

When lenders evaluate complex income mortgage applications, they prefer ones that don't require any extra effort or risk assessment. Unfortunately, complicated income situations may create gaps in employment and earnings records as well as leave a poor credit history behind; all of these can affect the affordability calculation when determining loan-to-income ratios. Whilst most lenders will still be happy to provide you with a mortgage some may have an issue and will require a larger deposit and higher interest rates could be required.

Why choose a mortgage broker?

Getting in touch with a mortgage broker should be the first step in getting the best mortgage advice and help for anyone who has complex income structures and wants to get a mortgage. Finding the right lender will help you secure a mortgage.

By doing your research and working closely with a mortgage broker, you can gain access to mortgages that fit your unique needs and circumstances. With the right assistance, self-employed people, freelancers and those with complex incomes can take advantage of the many opportunities available in the mortgage market.

So, if you’re one of the growing numbers of people with complex incomes looking to purchase a home, don't be intimidated by the thought of applying for a mortgage. With specialist advice and assistance from a trusted mortgage broker, you can find the right loan to make your dreams of home ownership a reality.

Mortgage Lenders/ Specialist lender

By taking the time to understand your unique financial circumstances, lenders can be more flexible than you might expect when it comes to lending decisions. No matter how complex your income may be, there are specialist lenders who are willing to work with you and get the best mortgage deal for your circumstances.

This is a great time for people with complex incomes to get into the property market, many lenders are becoming more willing to work with them. So don't hesitate - take control of your financial future and start building wealth today. With the help of an experienced mortgage broker, you can make your dreams of home ownership a reality.

By taking the right steps and doing your research, you can access mortgages that fit perfectly with your complex income situation. So take control of your financial future and start building wealth today - the door to homeownership is wide open!

If you are looking for a mortgage, contact us at 0151 662 0188 or email [email protected]