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Assessing the applicant's financial status (Employment income…
Assessing the applicant's financial status
Gathering information for the application
General information
Name and address
Nationality and residential status
Marital status and number and ages of dependants
Occupation and nature of employment
Employers name and address
Length of time in current employment
Income
All regular expenditure
Information on debts, bankruptcy, and court judgements
How is borrowing capacity assessed
Income
Employment
Self employment
Directorship
Other secure income
Secure trust income
Employment income assessment
Basic salary
Car allowance
Location allowance
Mortgage subsidy
Shift allowance
Overtime
Commission
Other sales-related income
Self employment income assessment
Assessment
Turnover (Sales)
Gross profit (minus raw materials)
Net profit (minus business expenses)
Gathering income
HMRC tax calculations
2/3 years self assessment tax returns
Account's certificate
2/3 years business income
Registered accountant
Full business accounts
Profit and loss account
Balance sheet
Company Directors
Income assessment
Salary
Directors capital account
Directors loan account
Participant
Credit
Tax free return
Instant access
Debit
Below 10k loan
Tax free interest
Above 10k loan
Taxable benefit in kind
Official rate for beneficial loan arrangements
All loans tax charge post 9mth accounting period
Dividends
Income and Expenditure
Free disposable income
Tax
NI
Expenses
Committed expenditure
Credit agreements (loans)
Basic essential expenditure
Food/heating
Basic quality-of-life expenditure
Clothing/personal items
Future interest rate increases
Stress tests
Base rate on lender rate
Example rate increases over min 5 years
Independant/FPC expectation rates
Currently 3%
Min 1%