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Lending criteria for income for additional lending

Income for additional lending

Deductions from Income

The following outgoings must be declared:

The monthly costs of all debts which will remain in place on completion of the mortgage are included as a deduction within affordability
Any credit cards to remain in place on completion of the mortgage are included as a deduction with 3% of the total credit balance being taken
Monthly costs of any childcare/school fees
Monthly costs student loans
Monthly costs of any mortgage payments that do not meet the self-financing rules or are not going to be let out
Overdraft - 3% of latest total outstanding month end balance
Monthly costs of any property charges - ground rent/service charge/estate rent charge(s)
Monthly costs of any regular maintenance payments
Monthly costs of any other significant outgoings

Evidence Required

The latest payslip and corresponding bank statement required if employed.
Normal self-employed or limited company director documentation required for self-employed applicants.