Employed (PAYE) income that can be used:
• Basic salary
• Bonus (if received more than once)
• Commission (if regular and consistent)
• Benefits – not all lenders but most will accept Child Tax Credit, Working Tax Credit, Child Benefit, Disability Living Allowance etc. Income support (job seekers) is not acceptable.
• Shift allowance
• Anything else showing on your payslip which is consistent – e.g. overtime
Limited Company Directors
Most lenders will consider your salary plus your dividends. However, we have ways of using your Net Profit plus your salary which is often higher than the first option. We also have lenders who will consider retained profits and other elements of your income which you may not have realised was acceptable.
Daily Rate Contractors
Many contractors think their income is too complicated. Or they worry about having changed who they contract to and whether or not lenders will use the new contracts. Generally, contractors find it difficult to get more than 41 times their weekly contract rate. But we can often get more as we have access to lender who use a higher number of weeks and those lenders will often look at the bank statements and use the higher figures of receipts instead of the contract daily rate!Often, we would need the customer to have had current continuous employment of 12 months or more with 6 months of the contract remaining or 2 years continuous service in the same type of employment.
Self-employed – Sole Traders
Net profit is required for sole traders. Usually it is an average of the latest 2- or 3-years net profit as long as it is increasing. Otherwise it is the lowest annual figure if decreasing. But we do have access to several lenders who will accept just 1 years trading history! And we know sensible lenders who will consider your income if you have gone from employed to self-employed in the same industry / field of expertise. So, do notwrite off too much on expenses as you cannot have your cake and eat it!
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. We may charge a fee for our service up to 0.75%. Our typical fee is £595 payable on application, subject to status. The Financial Conduct Authority does not regulate some forms of Buy to Let Mortgages.
Whole of Market Mortgage & Protection Experts – Currancy
Currancy is a trading style of John Curran (615343) who is an Appointed Representative of Ingard Financial Limited, First Floor, Maple House, Park West, Sealand Road, Chester CH1 4RN which is authorised and regulated by the Financial Conduct Authority (FCA), 12 Endeavour Square, Stratford, London, E20 1JN http://www.fca.org.uk. (450731). Our permitted business is recommending and advising on regulated mortgage contracts and regulated non-investment insurance contracts. You can check this on the Financial Services Register by visiting the FCA’s website http://www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0800 1116768
What to do if you have a complaint: If you wish to register a complaint, please contact us: In writing: Write to Ingard, First Floor, Maple House, Park West, Sealand Road, Chester CH1 4RN. By phone: Telephone 01702 533 400. By email: Info@ingard.co.uk
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK
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