Types of Income

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Types of Income

Employed

We have lenders who can accept different types of employed income including basic salary, overtime, shift allowance, car allowance, bonuses and commission. Other types of income are also acceptable to certain lenders are Child benefit, Child tax credits, incapacity benefit, carer’s allowance Stipend income, Pension income and rental profit.

Self employed & Limited company income

We can help all self-employed people, if you are a sole trader or have a limited company, Lenders will take you income in different ways and we can select a lender who will maximise the amount you can borrow.

Only use you latest year account figures

Some lenders can use your latest year accounts, this could be an advantage if you have had a good year’s profit. The lender would always check if this income is sustainable in the future to support your mortgage payments.

Only need one year of accounts

If you have only had only been trading for one year, we can help, you may have to use an accountant to produce projected next years accounts.

Use the retained property in your business

Sometimes you don’t want to take all the profit from your business (limited company) as you would have to pay extra tax to do this. We have lenders who will use your retained profit or percentage ownership of profit.

Top tips

  • Borrowing is based on profit not turn over.
  • You will need your SA302’s and tax calculation over views downloaded from your online HMRC gateway account. (we can provide a guide to do this)
  • If you only have one year’s accounts, you will need an accountant to produce projected income figures.
  • We will always need your latest years account / Sa302’s

Contactors

For contact income you will generally need 12 months history to support your borrowing with at least 3 months remaining on your existing contact. If you have been working in the same profession before you became a contractor, we may be able to get this agreed though a mortgage exception prior to submission of your application. We can use your day rate or basic contact income to support your borrowing.

Zero hours contacts & agency

If you are on Zero hours contact you may thing you are unable to get a mortgage, but with 12 months history with the same employer lenders will consider your application. But we must aware you that you will not have the same security as a permanent contact and your you employer could reduce your hours or stop your employment at anytime and you still would be committed to pay your monthly mortgage payment.