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Applicants with multi-source income
PR Team | 07.06.2024
You’re approached by joint applicants, who are married with two children. The property they want to buy is a three-bedroom end of terrace house worth £300k. It’s within walking distance of their children’s school so an ideal location.
Applicant 1 has a full-time job as a store manager and applicant 2 has a part-time job in a hairdressers. Alongside this, they run a craft business through an online shop, which they set up 13 months ago, so they have a small, sustainable income through this too.
Applicant 2 also has some minor satisfied defaults of around £200, registered around 18 months ago.
You call your BDM who explains we can consider multi-source income from employment, self-employment or a combination of both and we may also be able to take 100% of the first and second incomes. This means the applicants could meet affordability requirements.
The credit blip being within the last 24 months would normally mean we could proceed on our extra flexibility range, however after the BDM talks to underwriting, they confirm we’re happy to consider the case on our core residential product range.
That’s why it’s always worth having a chat with our sales team to see if there’s an opportunity to turn a ‘no’ into a ‘yes’.
