FOR THE USE OF MORTGAGE INTERMEDIARIES & OTHER PROFESSIONALS ONLY
Find answers to popular questions or contact us.
No minimum, we can use future income provided the new role is due to start before our offer expires. For future income, we will contact the new employer for an employer’s reference.
These cases fall outside of our standard policy. Please call your BDM or the office based BDMs on 0345 307 355 (option 3) to discuss the case details before submitting.
We take 69% of the rental income received, and this needs to cover the mortgage payment. Where there are several background properties the rental and mortgages will be combined.
No, but we will factor applicant(s) credit in to the overall credit score.
Yes. If we need an employment reference we will ask for this by email. So please include an email address for the employer, or accountant when you submit a mortgage application.
For security reasons, we will only accept completed references by post or fax.
Our maximum loan to income multiples are below:
Income used in affordability calculation
More than £40,000
4.75 times income
4.50 times income
Less than or equal to £40,000
4.49 times income
4.26 times income
For example, on a joint application we would use 4.75 times income:
<90% Loan to Value
Employed, basic salary £20,000 and £10,000 shift allowance.
Income used in affordability calculation = £26,000
(100% of basic salary + 60% of shift allowance)
Total income used in affordability calculation= £41,000
Employed, basic salary £15,000
Income used in affordability calculation = £15,000
(100% of basic salary).