Mortgages

How do we define income?

Here's a breakdown of the factors we take into account when defining your income:

• Your basic annual salary.
• 50% of contractual additional payments including commission, overtime and bonuses over the last 12 months, as long as these are regular and consistent (we will take into account 100% if the payments are guaranteed by your employer). If over 50% of your earnings are commission-based, income can be based on an average of your earnings for the last three years as long as these earnings are constant or rising.
• If you've been in a permanent secondary job for more than 12 months, we can take these earnings into account too.
• We can take into account up to 75% of the income from interest or dividends from UK listed companies.
• Piece work - annual earnings can be taken into account as long as you have a 12-month record in the job.

Self-employed?

Being self-employed is slightly different, and as such we have different methods to assess how much we can lend to you. We'd like to see three years' accounts, and then we'll define the income based on which of these two groups you fit into:

If you're a Sole Trader/Partner/Subcontractor, we base your income on the last year's net profit.

Directors of a Private Ltd. Co. or Public Ltd. Co. with shares of 25% or more, will have their incomes based on director's salary/fees, as well as the dividends which have actually been paid.