Changes to our criteria
Changes to income affordability assessment for bonus income.
28 May 2021
We’ve made changes to our income affordability assessment, effective from 28 May 2021.
Along with weekly, fortnightly and monthly bonus we’ll now also accept 60% of bonus income paid quarterly, half yearly and annually if received since 1 January 2021.
- The most recent bonus payment must have been received on or after 1 January 2021.
- Quarterly and half yearly bonuses will be verified based on an accumulative value over the past 12 months, evidenced with four payslips for quarterly bonus and two payslips for half yearly bonus.
- Annual bonuses will be verified using the latest payslip evidencing the most recent annual bonus received on or after 1 January.
- Please key 100% of the income into the application. TSB Mortgage Pro will use 60% towards the affordability.
These changes also apply to pipeline or DIP applications.