We’ve made changes to Policy to increase the number of self employed customers we can support by allowing applications from those self-employed customers who have historically claimed SEISS grants.
What’s changing:
- We will now accept applications from self-employed customers who have previously received the SEISS grant providing this is not within the 3 months preceding the application
- Income will continue to follow the existing process using the average of the last 2 years or the most recent years income, whichever is the lower
- To simplify the journey, we will no longer be asking you to complete the Mandatory self employed application submission sheet or for our Self Employed Triage team to complete an affordability check
- When assessing the application Underwriters will assess the business’ capability to sustain the declared level of income using the last 3 months business bank statements including considering the impact of Bounce Back Loan commitments
- Should the underwriter verify a lower level of income, the application will be amended and the underwriters will contact the you directly to relay their underwriting decision and provide a maximum lend based on the verified income
If you have any questions, please refer to our Self Employed hub. We have also updated our Packaging Guide to reflect the above changes.
