Applications with more than 2 applicants

  • If there are more than 2 applicants applying for the mortgage with the Society we will use 100% of the first 2 applicants’ income only, except where the additional applicants are immediate family members, in which case we will consider up to 4 incomes, subject to affordability
  • All applicants must be UK Tax Payers and resident the UK. In arriving at eligible income the following may be taken into account:
Basic Salary 100%
Shift Premium 100%
Stipend Income 100%
Private Pensions 100% (4% of SIPP pot value)
State Pension 100%
Invalidity and disability benefit 100%
Regular overtime/bonus/commission 50%
Zero Hours Contracts 50% where another applicant has a primary income source usable at 100%
Second job 100% if combined hours do not exceed 40 per week
50% if combined hours exceed 40 per week
Area Weighting allowance 100%
Car Allowance 100%
Rental income (unencumbered properties) 100%
Rental income (encumbered properties) 100% of any surplus rent above 145% of the mortgage commitment
Maintenance payments 100% under court order
50% with no court order
Income Protection Insurance 100%
Working Family/Child Tax Credits 50% where supported by main income
Child Benefit 50% where supported by main income up to £50k
Investment Income 50%*
Foster Care Income 100%**

50%** (for Credit Repair Applications)

*average of the last two years provable income will be used to calculate the figure to apply the 50% to
** subject to satisfactory evidence/accounts and proof that there has been foster caring arrangements for at least 12 months

  • Where basic salary has been reduced because of salary sacrifice, the amount of income taken into account shall include the amount of salary sacrificed
  • Regular overtime and bonuses must be evidenced by at least 3 months wage slips and the latest P60 or an employers reference
  • Commission paid in addition to a basic salary, which forms more than half of a person’s income may be taken into account at a rate of 50%, subject to the latest 3 months pay slips and last 2 years P60’s or an employers reference