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Shiny New Bonus? Want Your Mortgage Backed Security

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Lenders shun bonus income

By Sharlene Goff

Published: August 14 2009 18:36 | Last updated: August 14 2009 18:36

Mortgage lenders are taking little notice of the reappearance of bonuses in the City, with many banks only willing to accept a fraction of bonus income and some tightening their lending criteria in the past few months.

Royal Bank of Scotland will now only take 25 per cent of average past bonus income into account when calculating how much it will lend, following a recent change in policy. Previously it would accept 50 per cent of income from bonuses.

Ah, I love the smell of Schadenfreude in the morning :lol::lol:

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