The Mortgage Lender has unveiled a raft of residential affordability changes that will see 100% of shift allowance, overtime, bonus and commission accepted as income.
Child Tax Credit and Working Tax Credit, or Universal Credit equivalent, will be accepted as a source of income if the applicant also meets employment criteria.
Child Benefit is acceptable where the children are aged 13 and under, shift allowance is accepted and so is over-time and bonus or commission.
Peter Beaumont, deputy chief executive of The Mortgage Lender, said: “In a competitive market it’s imperative we’re providing our distribution partners with real life lending options that meet the needs of their customers and offer borrowing at competitive prices.
“The changes to residential affordability reflect the reality of the complicated circumstances borrowers are presenting when they apply for a mortgage while ensuring lending decisions remain prudent and affordable.”
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