Income and deductions
The following explains the income and deductions we use to calculate your total borrowing.
Employed Income
| Income Type | Maximum Useable Income |
|---|---|
| Basic Income, Guaranteed Bonus | 100% Gross Annual Income |
| Non guaranteed bonus, overtime or commission | 50% of Gross Annual Income |
| Mortgage/Rent Subsidy, Company car allowance, large town allowance, Attendance allowance, shift allowance | 100% if guaranteed by employer, 50% if not guaranteed, Gross annual Income |
Self employed income
| Income Type | Maximum Useable Income |
|---|---|
| Annual Profit | Annual income is the average of last three years or the last years income if this is less than the average. |
Self Cert Annual Income
| Income Type | Maximum Useable Income |
|---|---|
| Gross Annual Taxable Income | Gross Annual Taxable Income. |
Other Income
| Income Type | Maximum Useable Income |
|---|---|
| Annual Pension | Gross Annual Income |
| Other income e.g maintenance | Not allowable |
Deductions
Financial commitments (If not being repaid)
| Credit Commitment | Amount to be deducted |
|---|---|
| Loans, HP, Leases, Childcare, Maintenance or CSA | Monthly Amount |
| Credit cards, store cards & catalogues | 3% of balance outstanding |
| Overdraft | 20%/12 of outstanding amount per month |