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Affordability

Please note that this page is for intermediary use only.

Affordability Test

The Society will apply an affordability test to ensure that the applicant can afford the mortgage repayments.

The Society maintains a model which it uses for calculating affordability. The model will default to ONS figures if the figures are not inputted or are lower than the ONS figures.

 The maximum Loan To Income ratio that can be considered is 4.49x the combined income of all applicants that are present on a mortgage application.

The affordability calculator result relating to the % of disposable income, must be a pass in order to be acceptable.

Please note that the above Loan to income restrictions will not apply on affordability assessments for pound for pound remortgages.

Evidence of Mortgage/Rent Payments

If a profile of the mortgage payments is not available on the credit search, evidence of the last 12 months’ payments is required from a lender's statement and/or bank statements.

  • For applicants in rented or shared ownership accommodation at the time of application, evidence of 12 months’ rent payments is required.
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