Confirmation of Income
Employed Borrowers
The Society’s standard documentation requirements for confirmation of income are that the applicant submits:
- Their most recent P60
- 3 recent months’ payslips (one of which must be for the month prior to application)
For mortgages where the borrowing is >80% LTV an employer’s reference should be obtained (in writing).
These should be in the Society’s standard form or on the employer’s headed paper.
The reference should be signed by a responsible person, who can subsequently be contacted, and include the company stamp, if appropriate. A previous employer’s reference should be obtained if the borrower has been in their current employment for less than 6 months.
Lending into Retirement
Where the borrowing is to be supported by pension income the following evidence should be obtained;
- Where the pension is already being received the most recent annual pension statement or latest 3 monthly pension advices. Bank statements are also acceptable.
- If future pension income, a pension illustration from within the last 12 months with projected pension income should be obtained.
- Unless advised of an earlier date the default age for retirement is age 70.
Pension income is often derived from more than a single source and the Society will accept a 100% from each source.
Self-Employed Borrowers (including Company Directors)
A completed Accountant’s Certificate covering at least the most recent 3 completed years, and obtained from an approved accountant, will be accepted for borrowers who are self-employed.
SA302 overviews supplied by HM Inland Revenue.
FOR INTERMEDIARY USE ONLY
