Income
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Income assessment
All applications are assessed on a number of criteria, with
affordability always being a key consideration. This allows the
individual circumstances of your client to be taken into account
and flexible lending decisions to be made based on your client's
ability to repay the mortgage. You can get a reliable lending
figure using the Affordability
calculator. And of course, you can always discuss a specific
case with your Business
Development Manager.
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Calculating income
For employed applicants, the income from permanent
employment, which is available for use in meeting the monthly
mortgage payment, is used - this is total employed income.
Total employed income is defined as all elements detailed on a
payslip, with the exception of half-yearly/annual bonuses/dividends
and large 'one-off' payments.
Additional income can also be taken into account. For
example:
- Rental income
- Maintenance
- Investment income
- Family tax credits
Outstanding financial commitments from the income calculated
above will be deducted.
For self employed applicants:
- Annual personal income before the deduction of tax, averaged
over the last two years will be used
- Outstanding financial commitments will be deducted
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