Untitled

Income typeAcceptable% WeightingRestrictions
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 ‘Investment Income’ field.
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.
Benefit Income
Yes
100
We will not include benefit income where it is the only source of income. Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000) Benefit income must be in the borrower's name.
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
No
Not accepted for employed applicants. Accepted for SE applicants if confirmed that it is included in tax returns
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.
Child Benefit
Yes
100
Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000)
Child Tax Credits
Yes
100
Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000)
CIS Vouchers
Yes
100
CIS workers will be classed as contractors.
Commission
Yes
50
We will not accept commission only income for an employed applicant
Contract Zero Hours
Yes
100
Track record: 12 months continuous employment within that role. The borrower must have a minimum of 3 months remaining on their current contract. Cases with less than 12 months within the role may be considered if the applicant; - has worked in a similar previous employment - is working in a skilled or professional role
Contracts Fixed term
Yes
100
12 months continuous employment within the role. Cases with less than 12 months within the role may be considered if the applicant; - has worked in a similar previous employment - is working in a skilled or professional role
Deferred Shares
No
Disability Living Allowance
Yes
50
Only for the applicant and must be guaranteed. Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000)
Employer Housing Allowance
Yes
100
Must be guaranteed
Expenses
No
Family Business
Yes
100
Accountant to verify income or 3 payslips matched to bank statement credits
Foreign Income
No
Foster Income
Yes
100
12 months track record required
Incapacity Benefit
Yes
50
Must be for the applicant and must be guaranteed. Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000)
Investment Income
Yes
50
The total balance of the investment divided by the term should be keyed
Limited Company
Yes
100
We may accept one year trading figures as long as there is another employed owner who earns the majority of income. We will also check the accountants are suitably qualified
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: ●        Confirmation the agreement will be in place for a minimum of 5 years from the start of the mortgage AND ●        A satisfactory track record of receipt being provided – 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 3 months payslips
Parental Leave
Yes
100
100% of the borrowers returning employed income will be assessed where the applicant is returning within 12 months.    We will require evidence of how they are able to cover any period of reduced income (e.g. savings).  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
50
Must be for the applicant and must be guaranteed. Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000)
Probation
Yes
100
No restrictions
Rental Income
Yes
83
The total annual rental income for each property must be entered, along with the annual mortgage costs. Where there are other associated costs relating to the property, such as management fees, these must also be declared or offset against the income.
Seasonal Workers
No
Second Jobs
Yes
100
If contracted and does not have to be in the same line of work, subject to 3 months payslips for both jobs
Shift Allowance
Yes
100
Must be guaranteed
Sole Traders
Yes
100
We may accept one year trading figures as long as there is another employed owner who earns majority of income
Statutory Sick Pay
No
Stipend
Yes
100
For PHD students if guaranteed, for work only
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
Yes
100
Only acceptable if this is declared as taxable income
Umbrella Company
Yes
100
Treated as employed where tax is paid by employer, treat as self employed where pay own tax
Universal Credit
Yes
50
Must be for the applicant and must be guaranteed and must not include the housing allowance. Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000)
Unsociable Hours
Yes
100
Must be guaranteed
Widows Pension
Yes
100
Working Family Tax Credit
Yes
100
Benefits cannot exceed 50% of total income. (If earned income was £6,000 then we could only accept £6,000 of benefits income, total £12,000)