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Items that can have a reducing affect on the total mortgage loan amount available include deductions for childcare and / or child education, staff pension contributions, Save as you earn schemes, student Loans and salary sacrifices. These can be deductions direct from your wage slip.

Other items that can reduce the total mortgage loan amount available include fixed commitments like car loans, personal loans, bank loans and credit card balances.

Lifestyle expenditure – lenders will also make assumptions on typical lifestyle costs and factor this into their mortgage affordability calculation model.

Income and Salary. Different mortgage lenders have different ways of calculating how much of your overall income they will use and accept. Basic guaranteed salary, Pension schemes in payment and any guaranteed allowances are always accepted in full but other sources of income are not always accepted in full. These include overtime (regular and guaranteed) / bonus / commission / incentives / share allocation / car and housing allowance.

Other types of income that can be accepted by mortgage lenders at various percentages (100% or 50%) include benefit income like child tax and working tax credits / child allowance / child maintenance from a former partner / cares allowance / disability living allowance.

FOR THE SELF-EMPLOYED IT IS IMPORTANT THAT THEY HAVE AT LEAST 2 YEARS INCOME DOCUMENTS CALLED SA 302s AND TAX YEAR OVERVIEWS as mortgage lenders generally will only use the figures declared on these documents. Both the SA 302S and the TAX YEAR OVERVIEW CAN BE OBTAINED FROM THE HMRC online or by request and are only available after you have submitted the relevant year’s tax return.

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