Where the borrower is within 10 years of their retirement, please use their projected pension income (including State Pension) or earned income, whichever is the lower.
You must use the calculator on every case before submitting a DIP. If you experience any difficulties, please contact your BDM or call the Broker Help Line on 0345 601 6683.
An assessment of income and expenditure is the underwriting measure used in establishing the maximum that can be borrowed. The initial underwrite of the mortgage application will be carried out using the Affordability Calculator.
For any incomes listed where 50% is used, input the full amount under non-guaranteed other and the calculator will automatically take off 50%.
The calculator will automatically apply deductions to gross income based on tax bands and National Insurance to calculate the net income.
For Track Record, please ensure that the product interest rate is entered, so that the maximum loan amount can be calculated correctly.
If your client requires more than 5x loan to income for affordability purposes then this is available with our LTI Booster product range or government schemes only, subject to eligibility.
For details of our current product range and rates please refer to Products.
Please check that the application fits within the Society’s LTV ratios.
When you progress to submitting a DIP, please ensure your client’s date of birth is entered accurately and in full. If the date of birth is incorrect or missing, we will be unable to complete the credit search successfully or progress the DIP.
Income and Outgoings
Income
For details of what income we accept and how this is assessed please refer to our A-Z Lending Criteria.
Outgoings
All personal expenditure, including all loans and credit cards shown within the credit search, must be deducted as outgoings.
For a Decision in Principle we must have authority to carry out a credit search and the income and expenditure needs to be clearly completed in order to establish the true free net disposable income.
With regard to credit cards, where balances are to remain after completion, the full outstanding balance must be included as an expenditure item.
Any loans that will be fully repaid on completion of the mortgage do not need to be included.
Responsible Lending and affordability
- All applications are subject to affordability checks.
- Key considerations will be the applicant's overall conduct of their bank account and credit reference checks. If these do not demonstrate that the mortgage is affordable, even if the Affordability Calculator suggests we might consider the loan, the application may be declined.
- Any figures used in applications must be validated by supporting documentation.