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.

 

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