Over the last decade the way in many customers in the UK receive their income has changed, so we have evolved our policy to be able to offer solutions to as many of your customers as possible.
Acceptable income highlights include;
- Employed: 100% of basic and fixed acceptable allowances if 12 month track record and sustainable
- Self-employed: Profit before taxation plus Directors remuneration used if 100% of Ltd company shareholders are on the application. Max LTV 95% subject to criteria & sustainability checks
- Contractor: Daily rate x 5 x 46, no minimum contract value, all industries accepted, no more than six weeks of gaps, umbrella companies accepted
- Investment income: Accepted at 5% of fund value over a maximum term of 20 years – subject to a minimum managed portfolio value of £250,000
- Private pension: SIPP/SSAS income accepted at 5% of the fund value, over a maximum term of 20 years, this can be considered even if not currently being drawn if the customer is over age 55 and the assets are liquid
- Variable income: We use 50% of cash bonus/commission/overtime from the latest/current tax year
