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%
Private Pensions 100%
State Pension 100%
Invalidity and disability benefit 100%
Guaranteed overtime or bonuses 100%
Regular overtime/bonus/commission 50%
Second job 50%
Area Weighting allowance 100%
Car Allowance (only if guaranteed) 100%
Rental income (unencumbered properties) 100%
Rental income (encumbered properties) 100% of any surplus rent above 145% of the mortgage commitment
Maintenance payments (under court order) 100%
Maintenance with no court order 50%
Investment Income 50%*
Foster Care Income 100%**

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
  • Guaranteed overtime and bonuses must be evidenced by an employer’s reference. Where something is stated to be guaranteed the employer will be asked under what circumstances such payments would not be made
  • 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