We’ve made some improvements to our affordability calculator to make submitting business to us easier.
- We now have one simplified calculator for all our residential lending (including Shared Ownership, Older Borrower, Retirement Interest Only and Expat Residential). Simply select the lending type from the dropdown box.
- We’ve condensed the amount of expenditure details you need to provide. There’s no requirement for you to input outgoings such as council tax, utilities, home and car insurance, mobile and home phones – this is all calculated for you using ONS data.
- ONS data is tailored to the age of the applicant. We understand the lifestyle of a retired applicant is different to that of a younger applicant, so we’ve factored that in.
- Input 100% of income – we’ll work out the rest! For earned income and private pensions, there’s no requirement for you to work out the net figures. For bonus, overtime and commission, we’ll automatically work out 60% in the background.
- No requirement for you to work out what income we’ll accept for self-employed clients. All we ask is that you provide us with a full three-year history of the income whether your client is a sole trader or director of a limited company – we’ll work out the income we’ll accept in the background.
- For credit cards, mail orders and overdrafts, we’d usually ask you provide us with 3% of the total balances. With our new affordability calculator, simply provide us with 100% of the credit balances and we’ll work out the rest!
Remember…
- Our affordability model is still subject to maximum income multiples of 4.5x
- For expat cases, if your client is paid in a foreign currency, you’ll need to work out the currency conversion to GBP (either -20% or the worst exchange rate over a 5-year period).
To find out more, visit our website at www.themarsden.co.uk/intermediaries
