Here are three key areas to focus on to achieve a more accurate affordability calculator output.

  1. Income
  • Record all primary and secondary income accurately directly from the client’s proof of income.
  • Pay attention to overtime, commission and bonus payments – you need the lowest of the last 3 payslips supported by at least 6 months YTD figures.
  1. Net pay
  • Input all payslip deductions. Some deductions are discretionary, please refer to payslip guide for support.
  • If net pay is lower on the payslip, use this lower figure in the calculator.
  1. Expenditure and commitments
  • Input all financial commitments, including any being cleared. Credit cards – we’ll use the higher of 3% or monthly payment.
  • Review bank statements to see if there are any undisclosed commitments. Only send us bank statements if we ask for them.
  • Where your client has other properties in the background, use our retained properties form and input the shortfall/surplus figure into the correct section of the calculator.

For further guidance please call your dedicated contact.

For more hints and tips view our webpage Helping you get a quicker offer