Carer's Allowance is paid to people aged 16 or over spending at least 35 hours per week caring for someone with substantial caring needs. We accept 100% of a Carer’s Allowance.
Where a mortgage product includes a cashback feature, it will be paid to the customer’s solicitor with their mortgage funds on the day the customer completes. The customer should agree with their solicitor how they would like to receive the cashback.
Contract/agency workers with income paid through a temp agency should be on a contract of no less than three months and income must be evidenced for the last 12 months. Piece workers must have a history of earnings over the past 12 months evidenced by P60s.
Certification of documents
When submitting copies of documents, please ensure that every page is clearly legible, certified with the words ‘true copy of the original’ and shows your company name and your full name (in BLOCK CAPITALS), together with your signature and date. Photographic documents in support of non face-to-face applications may also be used, and must be certified with the words 'true copy of the original'
We can accept up to 100% of working tax credits, Child Tax Credits and Child Benefit. Please note that if an applicant is heavily reliant on these benefits (the ratio of benefits to main income) then please discuss these with your BDM but be aware that the final decision remains with the underwriter. The age of an applicant's children may be a factor so we recommend submitting the awards letter with as part go the application packaging. If the applicant earns more than £50,000, then we will not include Child Benefit.
We can consider accepting up to 100% of the commission an applicant receives. This must be proved to be regular e.g. monthly. We recommend that you review the applicant's last six months of payslips and include this evidence with the application packaging.
What to capture in other committed expenditure (this list is not exhaustive):
- Private school/education fees.
- Child Support payments.
- Long term care for elderly dependents.
- Shared equity fees.
- Career related qualifications.
- Ground rent.
Consent to let
The bank may be prepared to allow residential mortgage customers to rent out their current or a newly purchased property as a buy-to-let property under a consent-to-let arrangement under the following circumstances (this is not an exhaustive list):
- Customer is unable to sell their existing home before buying a new property.
- Customer is currently in or moving to tied accommodation linked to their employment (e.g. boarding school teacher, vicar/minster, estate worker, army barracks etc.) The customer may not take occupation of the property until their current employment ceases which may be many years in the future.
- Customer is a member of the Armed Forces currently serving elsewhere in the UK or overseas and property has previously been used as or is intended to be their main residence in the future.
See 'Property Types'.
Consumer buy-to-let is a type of regulated business introduced by the MCD to provide enhanced protections where buy-to-let customers are not acting for business purposes.
Our approach to identifying these customers is based on how they view their buy-to-let activity. We anticipate consumer buy-to-let will only apply to customers remortgaging a buy-to-let property where their objective is not to benefit from house price growth or rental income.
We include this question on our application: Will the property be let out for investment purposes?
By ‘investment’, we mean that you are looking to benefit from rental income or future house price growth.
If the answer to this question is ‘No’, the following message is displayed: Your selection has indicated consumer buy-to-let status. At present we do not offer this type of lending. In this case, the application will not progress.
We do not offer consumer buy-to-let mortgages.
Consumer buy-to-let will not apply to purchase transactions, customers with existing buy-to-let properties or any properties with current or future family occupancy. We will continue to apply a consent-to-let for existing NatWest mortgage customers looking to let out a property on a residential mortgage.
We include a disclosure on the new buy-to-let sales and offer Mortgage Illustrations to make customers aware that their loan is unregulated. We expect customer demand for this type of mortgage to be low and will monitor the emerging market to ensure we are aligned to market forces.
For PAYE contract workers, we require one year's evidence (for example, two six-month contracts or four three-month contracts) and a contract in place for minimum of a further three to six months.
For contractors who earn more than £75,000 a year, we will now calculate their income as their average weekly contract income multiplied by 46, provided that they have received or will receive sufficient income from one or more contracts over a 12 month period that incorporates the date of application, have received at least 6 months’ historic income from one or more contracts immediately preceding the date of application and have had no more than a 6 week break between contracts in the 12-month period. We will also request copies of their latest 3 months’ consecutive personal bank statements.
Many self employed contractors may also trade via a Limited Company because it may be tax efficient for them to do so. As long as the customer is a 100% owner of their Limited Company, we can help them under this policy.
Credit scoring is a statistical tool used to assess an applicant for credit facilities and ranks applicants by probability of default. All applicants will be assessed using credit score and credit reference information (using one or more of the Credit Reference Agencies (CRAs), in addition to one or more of the following:
- Information supplied as part of the application process.
- Internal data relating to existing account(s) with the group.