The following income and percentages of income are considered when calculating the amount the Society will lend to PAYE employees or contract workers.

Qualifying income table

Proof of Income

•    For applicants paid monthly – we require the last P60 (or payslip showing aggregate annual income where appropriate) and the most recent payslip(s), to cover at least the latest 3 months’ income. Where deductions are seen on the payslips, ensure this is reflected in the affordability calculator.

•    For applicants paid weekly or bi-weekly - we require the last P60 and sufficient payslips to cover a three month period;

•    If the applicant is self-employed, we normally require the last 3 years’ trading accounts. We also accept SA302's or, Tax Calculations with corresponding Tax Overviews.

•    Reference should be made to accountants and professional advisers for details of likely future income and trading prospects.

Bank Statements:

•    For employed applicants or those retired or with private income, we require the last 1 months bank statements which must show salary / income credits where such could be expected to exist;

•    For self-employed applicants, we will require the last 3 months business and personal bank statements. For applicants applying for a mortgage based upon proof of income for a period of less than 2 years, we would ordinarily expect to see business and personal bank statements for a period of 6 months.

•    We will examine the bank statements to ensure that we have an understanding of the applicant’s spending or unusual income patterns.

•    Occasionally, underwriters may seek Credit Card statements to look at expenditure in greater detail.