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Commitments & Expenditure

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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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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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Furlough
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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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Rental income
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Retirement income
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Self Employed
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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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Property values
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Retentions
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Service charges
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Tenure types
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Valuations

Packaging guide β†’ All guides

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Benefit income
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CIS income
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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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ILA
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Customer facing marketing
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Broker marketing
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Tariff of Mortgage charges
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Terms of Business
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Privacy notice

Commitments & Expenditure

Expenditure

Our current expenditure model uses ONS data to determine the applicants monthly expenditure costs based on the number of adults and dependants in each household.

Each month the rate of inflation applied to the ONS data may be amended.

Commitments

Where any of the Homeowners or Income Boosters have current formal or informal committees in place, the commitments must be disclosed following the logic below.

We use Experian data and personal bank statements to verify this information.

Where the customer is using a revolving credit facility, e.g. a Credit Card or Overdraft for everyday transactions and repays the balance in full each month, the commitment may be excluded where; - the payment does not exceed the customer Net monthly income- the repayment is covered by income (Not drawing on savings or additional borrowing)

  • This will be verified against the last 6 months payment history confirmed on Experian.

For any standing revolving credit facility balances, 3% of the balance will be included as an expense.

Where an installment loan is present (e.g. Personal Loan) the loan payment should be included as expenditure.

Where a customer is looking to consolidate debt as part of our transaction upon completion (Remortgage with additional borrowing), all the debts must be disclosed.

Where any debts are due to be repaid prior to completion, please provide full details to your BDM.

Other Commitments

Student Loans should only be included where they are currently being repaid. Where the customers annual income does not meet the minimum threshold to begin repaying, it should not be included.

Maintenance: Where the customer is required or is committed to pay maintenance, these payments should be included.