Loans Officers a question please

[suffocate69]

I've been told by a "mortgage" company that only my net salary before tax is used to qualify me for a mortgage loan.

They said they will not be factoring any income from a property I own that is currently rented out nor will they use my annual bonus in this equation.

This basically qualifies me for sheit.

Before I go through any more hassle, is this the norm in Trinidad?

[Bareback]

Who is the mortgage company?

The rental income I would question with a REPUTABLE financial institution if the property is in your name and you have a signed rental agreement. If neither of these are in place it is unverifiable income, unless you claim in on your income tax which I suspect you don't.

Bonuses are a reward for doing a good job and are also based on the company's success/ profitability, thus they are not guaranteed each year nor is the company obligated to pay it in spite of your performance.

The company is contractually obligated to pay as evidenced by your payslip and thus this is verifiable income. If you leave well then that is between you and the financial institution.

I hope this helps.

[ProgressiveTT]

Bareback is correct.
You may be able to use the rent income for a short term loan in some instituions if you regularly deposit the money to an account but unlikely for a long term arrangement like a mortgage.

If your rent money is significant on a monthly basis, try saving it for use as a bigger downpayment on the mortgage.
Try the banks as well, some may be a little more lenient as they have targets to make.