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Expanded higher LTV criteria (95% LTV)
Remortgage & Additional Borrowing
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New Build; Incentives & Part Exchange
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<aside> ❗ The maximum LTI (loan to income) limit where the primary borrower is self employed is 4.49x the total income.
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We will accept and class a self employed borrower as someone who receives income from;
We require proof of the latest 2 years trading for all self-employed applicants.
For all Self Employed applicants we will require the latest 3 months bank statements showing trading (Business or personal) to ensure that current earned income is consistent with that of the latest accounts/self-assessment. Where the trading has reduced we will reduce the income accordingly.
Sole Trader/Partnerships
We will take the latest year's income for the affordability assessment where the income is deemed to be sustainable. Where there have been large increases or decreases in the year on year profit/income, please provide us with full details. We may ask for additional documents to ensure income used is sustainable.
Limited Liability Partnership (LLP)
We will take the latest years salary and dividend as evidenced by the latest 2 years Sa302s, corresponding TYO and the latest 3 months bank statements. *A partner must have a minimum of 2 years as an employee or equity partner/shareholder.
Limited Company (Ltd)
If the applicant has a shareholding of less than 50%, we would accept Dividends and Directors Salary for the affordability assessment. We will check the NET profit for the company to ensure that the applicants income is sustainable.
If the applicant has a shareholding of 50% or more, we would use Director's salary and Share of NET profit for the affordability assessment. We will check the NET profit for the company to ensure that the applicants income is sustainable.
We will not accept Dividends where the applicant’s drawings exceed the NET profit of the business for the latest year. Where the Dividends exceed the Net profit, we will only accept the share of the Net profit for our affordability calculations.