Income type | Acceptable | % Weighting | Restrictions |
---|---|---|---|
Additional Duty/Responsibility (Guaranteed) | Yes | 100 | |
Adoption Allowance (Guaranteed) | Yes | 100 | |
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 βInvestment Incomeβ field. |
Bank Work | Yes | 100 | Income for borrowers in bank work can be considered on a case by case basis if the borrower has 12 months continuous employment within a similar role.
NHS bank work can be considered on a case by case basis if the borrower has 3 months continuous employment within a similar role. |
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. |
Bonus | Yes | 50 | This must be earned in the last 12 months |
Bursary | No | ||
Capital Gains | No | ||
Carers Allowance | Yes | 100 | Must be guaranteed |
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. | |
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. |
Cheque Payments | Maybe | 100 | May be accepted subject to line of work and full underwriter assessment. |
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. |
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 |
Commission | Yes | 50 | Average of the last 2 months payslips. Income made up from 100% commission is not acceptable |
Contract; Zero Hours | Yes | 100 | Track record: 12 months continuous employment within that role.
|
Contracts; Fixed term | Yes | 100 | Must have 12 months continuous employment and 3 months remaining on their current contract.
|
Deferred Shares | No | ||
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. |
Employer Housing Allowance | Yes | 100 | Must be guaranteed |
Expenses | No | ||
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. |
Foreign Income | No | ||
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 |
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. |
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. |
Investment Income | Yes | 50 | The total balance of the investment divided by the term should be keyed |
Limited Company | Yes | 100 | Where trading for 2 years or more. |
Locum doctors | Yes | 100 | Income as per tax returns |
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:
βΒ Β Β Β Confirmation the agreement will be in place for a minimum of 5 years from the start of the mortgage AND
βΒ Β Β Β A satisfactory track record of receipt being provided β 3 months bank statements OR Open Banking. |
Mileage Allowance | No | ||
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 |
Overtime | Yes | 75 | Average of the last 2 months payslips |
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. |
Pension (state & private) | Yes | 100 | We do not accept drawdown pension or pensions held in trust |
Permanent Health Insurance | No | ||
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. |
Piecework | Maybe | 100 | 12 months income history required. Income taken as per latest P60 or Sa302 |
Probation | Maybe | 100 | Customers within the first 6 months of employment must confirm permanent employment or evidence 12 months in a similar role/industry. |
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 |
Seasonal Workers | No | ||
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. |
Shift Allowance | Yes | 100 | Must be guaranteed |
Sole Traders | Yes | 100 | Where trading for 2 years or more. |
Statutory Sick Pay | No | ||
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. |
Temporary Workers | Yes | 100 | 12 months continuous employment within the role |
Tronc Income | Yes | 100 | As long as it is put through to HMRC |
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. |
Umbrella Company | Yes | 100 | Treated as employed where tax is paid by employer, treat as self employed where pay own tax |
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. |
Unsociable Hours | Yes | 100 | Must be guaranteed |
Widows Pension | Yes | 100 |