Employed

• Applicants must have been employed in their current job for a minimum of 3 months at the point of application
• Applicants must have been in continuous employment for a minimum of 12 months. Any gaps in employment must be explained
• Employment within a probationary period will be considered where the applicant has been in continuous employment for the last 12 months and employed in their current role for a minimum of 3 months at the point of application
• Income paid in cash is not acceptable
• Income paid in a currency other than £ Sterling is not acceptable
• Maternity leave:
• Where applicant is currently on maternity leave, they will be asked of their intentions to return to work. Income based on the response (i.e. full-time, part-time) can be taken into account in considering the application. The applicant(s) must be asked to confirm that the mortgage will remain affordable during the remaining maternity leave period
• Employment by fixed term contract must have:
  • Been renewed at least once
  • Have at least 3 months to run to renewal
  • Have every chance of being renewed
• Zero hours contracts are considered where the applicant has been in this type of employment for at least 12 months and another applicant has a primary income source, usable at 100%. Where there is evidence of decreasing income for the last 6 months, this income will not be considered

Verification:

• Income will be verified in all cases by the most recent 3 monthly (or 6 weekly) consecutive payslips
• A satisfactory employment reference from the applicant’s current employer (and from previous employer(s) if the applicant has had more than one employer in the last 24 months) is required where the LTV exceeds 75% LTV. References will also be required on lower LTV cases to establish, for instance, whether overtime or other payments are regular and likely to continue. The underwriter has discretion to ask for references as they see fit in relation to any application
• Hand written documents will not be accepted
• Three months’ full bank statements, evidencing receipt of salary, must be produced in support of each application

Rental Income:
Rental income must be verified by a letter or reference from an ARLA registered agent, or by reference to a tenancy agreement plus proof of 6 months’ rental income evidenced on bank statements