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A - Z of Income types

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Application β†’ All guides

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A - Z of Application criteria
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Deposit sources
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Direct Debits
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Early repayment charges
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Interest
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Tenure
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Loan to income multiples
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Loan purpose
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Loan size
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Location
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Maximum LTV
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Mortgage Term
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Offer validity
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Overpayments
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Payment holidays
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Porting
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Rate switches
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Remortgage & Additional Borrowing
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Repayment methods
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Adverse Credit
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Age
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Applicants
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Asylum Seekers
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Boosters
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Commitments & Expenditure
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Customer Verification
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Dependants
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Expat
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First-Time Buyer
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Home Movers
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Non UK Nationals
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Overseas applicants
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Owners
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Retirement
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Students
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Vulnerable Customers

Income and employment β†’ All guides

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A - Z of Income types
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Benefit income
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Contract workers
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Employed
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Foreign currency income
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Holiday Lets
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Minimum incomes
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Other income types
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Parental Leave
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Pay increases
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Pension
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Piecework
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Rental income
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Retirement income
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Self Employed
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Stipend Income
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A - Z of Property types
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A - Z of Purchasing schemes
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Bedroom count
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Construction types
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Current value
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Discounted purchase price
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Flood Risk
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Help to Buy
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Leasehold
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New builds
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New Build; Incentives & Part Exchange
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Property Charges
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Property values
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Retentions
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Tenure types
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Valuations

Packaging guide β†’ All guides

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Employed income
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Investment income
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Maintenance income
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Parental Leave
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Rental income
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Self-employed income
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Sole traders income
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Address verification
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Additional support
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Identification
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Miscellaneous
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Occupier’s consent
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Proof of deposit
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Retirement plans and pension

Generation Home Products and Services β†’ All guides

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Registering on our panel
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Income boosters
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Deposit boosters
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The Home Agreement
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Conveyancing
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ILA
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Toolkit for your clients
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Toolkit for you
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Tariff of Mortgage charges
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Terms of Business
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Privacy notice

A - Z of Income types

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All applications must have at least 1 applicant who has an element of employed or self-employed income at the time of completion.

A - Z of Income types

Income typeAcceptable% WeightingRestrictions
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Additional Duty/Responsibility (Guaranteed)
Yes
100
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Adoption Allowance (Guaranteed)
Yes
100
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Alphabet shares
Yes
50
We will accept alphabet shares if they have been paid and can evidenced on the borrowers last 2 years Sa302s. The average over the last 2 years should be entered under the β€˜Investment Income’ field.
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Bank Work
Yes
100
Income for borrowers in bank work can be considered on a case by case basis if they have 12 months continuous employment within a similar role. NHS employees can be considered with a 3 months of bank work history.
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Benefit Income
Yes
100
At least one owner should be in full time employment. The benefit must be for the applicant and must be guaranteed.
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Bonus
Yes
50
This must be earned in the last 12 months
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Bursary
No
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Capital Gains
No
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Carers Allowance
Yes
100
Must be guaranteed
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Cash In Hand
Maybe
Not accepted for employed applicants. May be accepted for Self-employed applicants if supported by their self assessment and line of work.
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Change of employment type
Yes
100
Recent changes in employment type will be reviewed on a case by case basis. Where a borrower has moved from employed or contract work to self-employment, 1 years trading must have been completed and evidenced via an Sa302. All changes to employment type will only be reviewed where the work remains in a similar role and industry.
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Cheque Payments
Maybe
100
May be accepted subject to line of work and full underwriter assessment.
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Child Benefit
Yes
100
At least one owner should be in full time employment. The benefit must be for the applicant and must be guaranteed. Must only be included where being paid for the next 5 years.
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Construction Industry Scheme (CIS)
Yes
100
Must have 12 months continuous employment. We will require; 2 months equivalent payslips/Invoices & Evidence of 12 months continuous income
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Commission
Yes
50
Average of the last 2 months payslips. Income made up from 100% commission is not acceptable
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Contract; Zero Hours
Yes
100
Track record: 12 months continuous employment within that role.
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Contracts; Fixed term
Yes
100
Must have 12 months continuous employment and 3 months remaining on their current contract.
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Deferred Shares
No
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Disability Living Allowance
Yes
100
At least one owner should be in full time employment. The benefit must be for the applicant and must be guaranteed.
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Employer Housing Allowance
Yes
100
Must be guaranteed
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Expenses
No
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Family Business
Maybe
100
Acceptable where the customer has been employed to the family business for a minimum of 12 months. 12 months bank statements are required. Where >20% or more shares are owned they must be treated as self-employed.
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Foreign Income
No
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Foster Income
Yes
100
There is a 12 month track record and it is likely to continue for at least 5 years from the start of the mortgage
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Holiday Lets
Yes
100
Income from Holiday lets is acceptable where it has been received for the last two years and can be evidenced by the last two years Sa302/Sa100 and corresponding TYO. For further information refer to the Holiday Lets page.
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Incapacity Benefit
Maybe
100
At least one owner should be in full time employment. The benefit must be for the applicant and must be guaranteed.
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Investment Income
Yes
50
The total balance of the investment divided by the term should be keyed
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Limited Company
Yes
100
Where trading for 2 years or more. We may accept Limited Company income where the company has been trading for less than 2 years provided that; the majority of the income of the application is coming from employment or longer trading self employment and a minimum of 1 years accounts can be provided.
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Locum doctors
Yes
100
Income as per tax returns
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Maintenance Payments
Yes
100
Maintenance Income is allowable (100%) through a signed Maintenance Agreement received under court order OR Child Support Maintenance agreement subject to: ●  Β  Β  Β  Confirmation the agreement will be in place for a minimum of 5 years from the start of the mortgage AND ●  Β  Β  Β  A satisfactory track record of receipt being provided – 3 months bank statements OR Open Banking.
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Mileage Allowance
No
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New Role
Yes
100
If the borrower is due to start their new role during the application process, we will need to see a copy of their signed contract, 1st payslip and corresponding bank statement
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Overtime
Yes
75
Average of the last 2 months payslips
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Parental Leave
Maybe
100
100% of the borrowers returning employed income will be assessed where the applicant is returning within 12 months.Β  Β  We will require evidence of how they are able to cover any period of reduced income (e.g. savings).Β  Refer to the Parental Leave page for full details.
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Pension (state & private)
Yes
100
We do not accept drawdown pension or pensions held in trust
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Permanent Health Insurance
No
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Personal Independence Payments
Yes
100
At least one owner should be in full time employment. The benefit must be for the applicant and must be guaranteed.
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Piecework
Maybe
100
12 months income history required. Income taken as per latest P60 or Sa302
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Probation
Maybe
100
Customers within the first 6 months of employment must confirm permanent employment or evidence 12 months in a similar role/industry.
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Rental Income
Yes
83
Refer to Rental income page. Where there are other associated costs relating to the property, such as management fees, they must also be declared or offset against the income
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Seasonal Workers
No
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Second Jobs
Yes
100
Can be considered where basic hours do not exceed 60 hours a week. Any hours completed over 60 hours a week will be classed as overtime.
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Shift Allowance
Yes
100
Must be guaranteed
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Sole Traders
Yes
100
Where trading for 2 years or more. We may accept Sole trader income where the company has been trading for less than 2 years provided that; the majority of the income of the application is coming from employment or longer trading self employment and a minimum of 1 years self assessment can be provided.
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Statutory Sick Pay
No
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Stipend
Maybe
100
We will only accept Stipend income where a future contract of employment can be evidenced OR where received longer term as a member of the clergy.
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Temporary Workers
Yes
100
12 months continuous employment within the role
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Tronc Income
Yes
100
As long as it is put through to HMRC
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Trust Income
Maybe
100
Only acceptable where the income is in the applicant's name, the income and tax paid can be evidenced and is due to be paid for no less than 5 more years.
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Umbrella Company
Yes
100
Treated as employed where tax is paid by employer, treat as self employed where pay own tax
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Universal Credit
Maybe
100
At least one owner should be in full time employment. The benefit must be for the applicant and must be guaranteed. *Housing allowance must be deducted & Child Tax credit only included where being paid for the next 5 years.
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Unsociable Hours
Yes
100
Must be guaranteed
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Widows Pension
Yes
100