New self-employed income criteria is just the job

New self-employed income criteria is just the job

United Trust Bank recently amended the evidence of income required for self-employed applicants in order to improve the customer experience and help applications proceed swiftly and smoothly. Using the new criteria we were able to assist a couple with the refinancing of an unsecured loan and provide them with some extra cash to treat themselves to a holiday and complete some home improvements.

Our applicants had taken out an unsecured loan six months earlier to make extra living space in their home with a single storey extension. Their council had confirmed that it was within the permitted development criteria and planning permission was not required. However, it was soon apparent that the unsecured loan repayments were a bigger drain on their disposable income than they’d initially thought.

The applicants discussed their options with their Finance Intermediary, who was an approved introducer for UTB. Together they completed a fact find and established that United Trust Bank had a product that suited their needs. They could reduce their monthly repayments by more than 50% and have enough money to pay for a holiday, complete some decorating and finish the landscaping in their garden.

They were keen to start the process and the application was received with the valuation report, tax computations and overviews for the last two years for the first applicant and the last month’s business bank statement. As a Sole Trader this was the only evidence we needed to confirm income. For the second applicant, as a 50% shareholder of a limited company we received a fully completed accountant’s certificate which detailed income for both dividends and salary for the last two years as well as a projection for the coming year. We requested the last year’s tax computations to confirm the income. Once received we were able to issue the mortgage offer.

Mortgage offers are accepted by returning the original Mortgage Deed, which the customers did in time for the Bank to release the funds 48 hours later.
At United Trust Bank we work hard to maintain and update an underwriting criteria which allows us to lend for the majority of purposes and we continue to work closely with our brokers to meet our customers’ life cycle needs.

 

Borrower
  • Married couple
Amount
  • £310,000
Loan Type
  • 5-year fixed rate
Location
  • Surrey
LTV
  • 39.4%
Loan Term
  • 24yrs
Loan reason
  • Refinancing existing unsecured loan, holiday and garden landscaping
 Special Features
  • New self-employed criteria


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