We can use future income provided the new role is permanent and due to start within 3 months of a full mortgage application being submitted. For future income an employment contract can be provided as income erification.
Alternatively, we will contact the new employer for an employer’s reference.
We can use the applicant's salary, prior to going on maternity leave, subject to confirmation that they will return to work on the same terms. If terms will be different, the new level of income they expect to receive must be established. Other income that is affected must also be considered.
If the property is mortgage free then you can evidence the rental income using the applicant's latest 2 years SA302s and tax year overviews. This needs to be keyed as: a second income - self employed sole trader.
Yes. If we need an employment / accountant’s 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.
You're also able to download a copy of the accountant's/employer's reference from our Guides and Forms section.
We also accept completed references by post or fax.
Please follow this link for background properties owned by the applicant.
When determining affordability, applications will be declined when the credit score confirms the applicant has opened three or more accounts e.g. credit card or personal loan in the last six months or their overall outstanding commitment balances (i.e. unsecured and secured) have increased by more than 20% in the last three months and:
The total monthly payments for unsecured commitments are more than 20% of gross monthly income - based on combined unsecured commitments and the amount of income used in affordability for joint applications.
The balance of total unsecured commitments is more than 100% of gross annual income - based on combined unsecured commitments and the amount of income used in affordability for joint applications
Where additional borrowing is being used to repay unsecured debts, the amount being raised for debt consolidation must not be greater than 20% of the property value.