In addition to standard mortgage criteria listed here additionally is applicable for Interest only mortgages:
Incapacity advantage вЂў Identification вЂў Interest just
Incapacity advantage (now called Employment & Support Allowance)
We are able to give consideration to as much as 100percent of incapacity advantage being an income that is additional susceptible to an underwriterвЂ™s discretion.
As part of the scoring procedure, we're going to try to electronically validate and validate the identification of a job candidate. If effective, you are going to receive an email in the point of application distribution to verify that individuals will likely not need any further proof identification for the client. Where our company is struggling to confirm their identification, you will be expected to send us certified copies of these identification papers.
Minimal earnings of ВЈ75,000 for sole candidates.
For joint applications one or more applicant can make ВЈ75,000, or the joint candidates can make a blended income of ВЈ100,000.
Qualifying Income Examples
App Type Money Outcome
Sole ВЈ75K suits minimal income - ВЈ75k single earnings requirements
Joint ВЈ50K + ВЈ60K meets income that is minimum ВЈ100k combined earnings criteria
Joint ВЈ75K + ВЈ20K meets income that is minimum ВЈ75k single earnings requirements
Joint ВЈ50K + ВЈ40K Fails minimal income - Neither ВЈ75k single or ВЈ100k income that is joint
- Both brand new and current customers may use.
- LTV all the way to 75per cent (if payment strategy is purchase of home interest only amount cannot exceed 50% LTV. An additional 25% LTV could be borrowed for a C&I repayment foundation).