Employed Applicants: When an applicant has been furloughed, we will support applications for 80% of basic income up to £30,000 p.a., in line with the government scheme
Where documentary proof can be provided to evidence employer βtop-up' contributions, we will accept this additional income
Employed income received in the form of overtime, commission, bonus or allowances will not be able to be used for affordability purposes while furloughed
Self Employed Applicants: Where an applicant is eligible for, and utilising or intending to utilise the government scheme, we will allow 80% of income up to £30,000 p.a. in line with scheme rules
For all self-employed applications we will now request 3 months business bank statements in addition to standard self-employed income proofs
All cases will be referred for a manual Underwriter review
4 years ago
01 June 2020