Lending and security guidelines

• Permitted

• Must evidence that applicant has been employed on a similar basis for a minimum of 12 months

• Income to be based on an average of the last 12 months

• Not permitted.

• Permitted.

• Subject to evidence of 12 months' employment on this basis

• Income to be based on an average of the last 12 months' earnings

• Applications from professional occupations (e.g. doctor, teacher etc.) for the first time will be considered. This will include a qualified tradesperson where there is clear future earning potential.

• Not permitted.

• Permitted.

• Subject to 12 months' continuous fixed term contract employment within the same skill set

• New fixed term contract replacing an employed position held in the same skill set

• Applications from professional occupations (e.g. doctor, teacher etc. and qualified tradespeople where there is clear future earning potential) permitted where they are entering their first fixed term contract, with no requirement for the 12 month fixed term contract history.

• A minimum of 6 months remaining on the current contract

• Permitted

• Subject to income being verified by latest 3 months' payslips and bank statements showing individual salary credits

• Permitted.

• Subject to the applicant declaring their intention to return to work.

• Affordability should take into consideration future childcare costs and the addition of a child dependant

• Income may not be considered where the applicant does not declare they will be returning to work

• Permitted.

• Subject to the income and hours worked being sustainable over the term of the mortgage

• Secondary employments outside of the applicants’ primary occupation limited to 50% of the income

• Where an applicant(s) has multiple employers whilst working within the same skill set we may consider 100% of income and this will be counted as one job

• A maximum of 2 jobs is allowable.

• Permitted

• Self-employed is defined as a Sole Trader, Partner in a Partnership, LLP or where a ≥ 25% shareholding is held in a Limited Company

Sole trader or Partner in a Partnership:

• Subject to the business trading for a minimum of 2 years and where 2 years' finalised accounting information is available

• Income used will be the lower of the latest finalised years or an average of the last 2 years' share of net profit

• SEISS grants are permitted as a source of income where the grant is deemed as a replacement of income that would have been received if the business had been trading as normal

Limited Liability Partnership (LLP):

• Permitted subject to the business trading for a minimum of 2 years and where 2 years' finalised account information is available

• Income used will be the lower of the last 2 years' share of net profit

• May permit less than 2 years, where an applicant has recently joined an LLP providing the business has been trading for at least 2 years

• SEISS grants are permitted as a source of income where the grant is deemed as a replacement of income that would have been received if the business had been trading as normal

Limited Company:

• Permitted subject to the business trading for a minimum of 2 years and where 2 years' finalised account information is available

• Income will be the lower of the latest finalised years or an average of the last 2 years' salary and dividend

• May permit less than 2 years' trading where a sole trader or partnership has changed to Limited Company status providing the business as a sole trader/partnership has been trading for at least 2 years

Construction Industry Scheme (CIS)

• Permitted subject to:

• 2 year track record of sub-contracting under CIS

• Income used will be the lower of the latest finalised years or an average of the last 2 years' share of net profit

Umbrella Company

• Permitted subject to:
• 2- year track record of accounting/income information from within the same skill set.
• Income used will be the lower of either the latest finalised accounting/income or an average of the last 2 years.
• Payslips, latest years P60 & contract may be used for the assessment of income received via an umbrella company, where the applicant receives employed benefits, and the umbrella company pays the applicant's Tax and National Insurance. Details of previous history may be requested dependent on the length of the current contract.