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Residential Criteria Guide

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Income & Evidence

Minimum income

£15,000.

Minimum employment history

12 months.

Bank statements

2 months’ personal bank statements. Additional statements may be required.

Employed

Must be in current role for 6 months at the date of application. Evidenced by 2 months’ payslips.

Overtime, Employment Bonus, Commission, Car Allowance and Regional Allowance at 100% with Shift Allowance at 50% can be included if paid weekly, monthly or quarterly.

Additional payslips or alternative income evidence may be required to justify the level of income component claimed.

For any overtime component the monthly level of income to be evidenced in the payslips provided. The year to date summary should support the annualised figure declared.

Additional payslips or alternative income evidence may be required to justify the level of income component claimed.

100% of annual bonuses if the applicant can demonstrate this has been paid during or after 2021 as evidenced by a payslip, or equivalent.

For any joint application only one party can be on furlough, where this should not be the main earner unless TML is satisfied that affordability is sustainable from the second applicant’s income. For any single applicants, if they are on furlough they will be excluded.

For any applicant returning from furlough, for the maximum income considered must be evidenced in the latest months’ payslip. Additional written confirmation may be requested from their employer with salary details being confirmed.

Self employed

Minimum trading time 12 months. Maximum 85% LTV.

Latest 3 months’ business bank statements and 1 month personal bank statement. Additional statements may be required.

Evidenced using:

Most recent year’s certified accounts OR
Tax Calculation (SA302) with the corresponding Tax Year Overview
TML will not accept an accountant’s certificate / reference.

If certified accounts are provided these must be completed and returned from a qualified accountant with acceptable accountant qualifications: ACA/FCA, ACCA/FCCA, ACCIMA/FCIMA, CIPFA, ACMA. Accountant must hold a current practising certificate.

Trading 12-24 months:

Maximum 85% LTV
Most recent year’s evidence required
Trading > 24 months:

Maximum 85% LTV
Most recent 2 years’ evidence required
TML may consider the use of past trading accounts relating to pre-COVID levels by using accounts for 2019/2020 if the latest 3 months bank statements are in line with past trading performance.

This will be subject to the following:
• Available on RL0 to RL5 products only;
• Minimum 2 years full accounts;
• Maximum income allowed equal to 2019/20;
• Completion of additional disclosure form for any applicants impacted by COVID.

Please speak to your BDM for further information prior to submitting an application.

Contractors

Income calculation of up to a maximum of weekly rate x 48.

Existing contractors: Must have been contracting for a minimum of 12 months at the point of application.

TML will only accept applications at present from existing contractors, not new contractors.

Current contract must be for a minimum of 6 months. Payslips and/or invoices supporting the contract and bank statements are required.

For any contract with a term less than 3 months remaining, confirmation to be provided from the applicants’ employer that their contract will be renewed and TML is satisfied with the applicant’s contracting history, if requested.

Renewal of contracts: Where the current contract length is less than 6 months and there is a history of renewal covering a 6 month period, with the same company, then this can be considered on a case by case basis.

New contractors: Must have been contracting for a minimum of 3 months. Previous experience in a similar role for a minimum period of 12 months.

For any contract with a term less than 3 months remaining, confirmation to be provided from the applicants’ employer that their contract will be renewed and TML is satisfied with the applicant’s contracting history, if requested.

Retired

The most recent 2 monthly pension statements/payslips or an annual advice notification will be required to evidence all retired income and the most recent 2 full monthly bank statements showing the income credit as validation; or

Latest letter from pension provider confirming current pension income and the most recent 2 full monthly bank statements.

Lending into retirement

Latest annual statement of pension(s) due on retirement or recent letter from pension provider(s) confirming the pension due on retirement.

Evidence of any additional post-retirement income will be required for the income to be considered.

Other Income (% accepted)

Full amount should be keyed into the application.

Taken at 100%

Child Benefit*
Maintenance Payments**
Taken at 75%

Working Tax Credit / Child Tax Credit (or Universal Credit Equivalent)***
Taken at 50%

Investment Income
Evidenced through bank statements OR award letter OR acceptable alternative.

* For children 13 years and under.
** Court ordered only and must have minimum of 5 years remaining.
*** Restricted to 25% of the total income on the application. The applicant with this benefit must have an acceptable earned income source.