Halifax will look at clients in debt management plans. You will need to state on the decision in principle that the client is or has been in a debt management plan and if the case is accepted then you can proceed. Other Lenders who accept Clients in debt management plans are Kensington and Aldermore Bank.
Scottish Widows now accept Teachers on their Professional range and can be more flexible on underwriting with them.
Precise Mortgages will accept the clients latest net profit figure. Other Lenders who consider are Aldermore, Kensington and Santander if latest figures are plausible compared to previous years and there are genuine reasons for the increases.
If your client has been in their job for 2yrs earning bonuses and commission and you would like to take this as guaranteed income. Skipton will ask for the last 2 P60 documents and average the 2yrs and take 100% of the income for affordability purposes.
Coventry Intermediaries can consider a client purchasing an adjacent property to their own residential for rental purposes. The property must be detached from the client’s own property. There must be no likelihood that the properties will be knocked through to form one property. There must be a good rental demand in the area. The Client’s may already be experienced landlords and the deal should be plausible.
Key Policy Changes this week
Self-employed applicants submitting SA302 or tax calculations to Santander as evidence of income will now need to supply the Tax Overview letter. Applications for loans under 90%LTV will need to supply a tax overview letter for the corresponding tax years or an accountants certificate. Paper and online versions will be acceptable.
Mortgages Technical Director
Paradigm Mortgage Services LLP