In this brief guide, we are going to discuss Mortgage lenders that accept RSU.
Mortgage lenders that accept RSU
In the Uk, there are very few mortgage lenders that accept RSU when determining your mortgage affordability.
This is mostly because RSUs aren’t so common in the UK and as they are a non-income-generating financial product, a UK mortgage lender will not take them into consideration when determining your mortgage affordability.
That being said there are some UK mortgage lenders which will consider your bonus payments when taking into account your mortgage affordability.
Your bonus payments could very well be share options and some UK mortgage lenders could consider this.
If share options make up the majority of your income or future income then you may need a specialist mortgage lender who will take this int account.
If you work or worked in a company where RSU made up a majority of your income or future income and you are now in the UK and looking to get a mortgage, you may want to speak to an independent mortgage broker who could advise you on your mortgage options.
Use a mortgage broker for your mortgage in principle
You may want to use an independent mortgage broker to help you get a mortgage on your new home.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.
This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle.
This will allow you to shop for your home as more estate agents and sellers may take you seriously and it will also give you confidence that your mortgage is indeed a possibility before you make a full mortgage application.
Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document that details the features of your mortgage including how much you will pay per month.
It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.
Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.
They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer, and set a completion date with the seller or their conveyancer.
This will then bring an end to the conveyancing process, at which point you will receive the keys to the house and move in.
In this brief guide, we discussed Mortgage lenders that accept RSU.
If you have any questions or comments please let us know.
If you are in need of advice about your money and you live in the UK then you may contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.