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We aim to keep the affordability calculator as simple as possible, to give you an accurate but quick answer. However, we do apply more rules when you make a DIP for your clients. You can review them below to further understand if your client is likely to get a mortgage with us. But remember, a successful DIP doesn’t guarantee that we will lend to your client.
If the applicant is not in full time employment we may need to carry out further checks before we can confirm we will lend.
If future changes in income and/or expenditure are indicated in the application we may need to carry out further checks before we can confirm we will lend.
The minimum income for the main applicant is £16,000. Where income is between £16,000 and £20,000 we will decline any case where the loan exceeds 80% of the maximum affordable loan, as displayed in the affordability calculator.
Primary Applicants must have at least 12 months employment history.
We will not lend to self-employed applicants with less than 2 years' experience.
Primary Applicants, where contracting, must have been in their current contract more than 6 months or their previous contract must have been longer than 12 months.
Secondary Applicants, where contracting, must have been in their current contract more than 3 months or their previous contract must have been longer than 12 months.
Contractors must have more than 12 months of contracting employment history.
Contractors must have more than 24 months of employment history.
Contractors must earn an annual income of at least £50,000 or a Day Rate of £250.
Contractors must have had no longer than a 2 month break between their latest contracts.
If the applicant is borrowing for home improvements costing more than 15% of the property value, we will not lend if the required loan exceeds 90% of the maximum affordable loan, as displayed in the affordability calculator. Additionally, the maximum LTV is capped at 85%.
If the value of unsecured credit to be redeemed on completion is more than £50k we will not lend if the required advance is less than £300k or the required LTV is more than 80%.
If the purpose of the loan is for debt consolidation, and the total amount of unsecured debt to consolidate is greater than £30k, we will not lend if:
We will not lend for debt consolidation as part of a Right to Buy application.
We will not lend for business purposes.
If the applicant has been resident in the UK for less than 12 months we will not lend.
If the applicant is non EEA and has less than 3 years' leave to remain in the UK we will not lend.
We will only lend to non EEA applicants who are owner-occupiers.
We will only lend to applicants with a current UK address.
The maximum LTV for a non EEA applicant is 75%.