How much can I borrow?

Our income criteria is usually:

If your Loan does not exceed 75% Loan To Value:

Single Income:	4.5 times main gross annual income.
Joint Income:	The higher of: 4.5 times main gross annual income plus 2.25 times lower gross annual income, or; 3.5 times joint gross annual incomes.

Self Employed Applicants

4 times the average of the last 3 years' net profits from the last 3 years' accounts.

Bonus/Overtime/Commission

These may be taken into account depending on your circumstances and their regularity. If payments are guaranteed, we normally add the annual gross total to your annual gross income. If payments are regular but not guaranteed, we normally use half of their value.

Credit Agreements/Loans/Other Commitments

We may reduce the amount you can borrow if we feel that by taking on a mortgage you would be over-committed. If we do take them into consideration, we normally deduct the annual cost from your gross annual salary.

Employment

We normally write to your current employer or accountant asking for details of your employment, and asking them to confirm details such as:

Length of Employment;
Job Title;
Basic Annual Income;
Details of any regular overtime, bonus or commission;
Whether you are under any form of notice or redundancy;
Confirmation that your employment is full time and permanent;
If you have been in your job for less than 6 months, details of your previous employment over a 3 year period will need to be obtained and confirmed.

Self Employed

We normally write to your accountant and request the last 3 years' accounts. They must be completed and confirmed by your Accountant who should be professionally qualified and have either of the following qualifications; A.C.A. Chartered Accountant or A.C.C.A Certified and Corporate Accountant. If you prepare your own accounts we need your Inland Revenue approved assessments.

Flexibility

If your circumstances do not fit into the above criteria or if you are self employed and do not have 3 years' full accounts, please contact us as we have the flexibility to consider each application on its own merits.

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