Income Multiples

Current income multiples are shown in the following table:

LTV

Single Applicant

Joint Applicants

>80%

4 x income

4 x first applicant’s income + 1 x second applicant’s income OR 3 x joint income

<80%

4.5 x income

4.5 x first applicant’s income + 1 x second applicant’s income OR 3.5 x joint income

  • For applications > 80% LTV the current income multiples (stated above) must not normally be breached.
  • All mortgage applications received by the Society are assessed using the Society’s Affordability Model.
  • Lifestyle issues are assessed by the Mortgage Underwriter by inspecting the applicant’s bank statements, covering the most recent 3-month period.

Mortgage/Rental Payments

  • If the conduct of the existing mortgage cannot be verified via bureau data, the following documentary evidence should be obtained:
    • Bank or mortgage statements, which largely cover the 12-month period prior to application, or a lender’s reference.
  • For first-time buyers where the borrower is living in rented accommodation provided by a housing association or local authority, the following documentary evidence of rental payments should be obtained:
    • Bank or rental statements, which largely cover the 12-month period prior to application, or a landlord’s reference.

 

FOR INTERMEDIARY USE ONLY

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