Foreign Nationals without indefinite leave to remain
We can consider foreign nationals without indefinite leave to remain where they hold an eligible work visa and have a minimum of 12 months’ employment history.
We can also consider applicants on a spousal visa as part of a joint application.
Applicants on a skilled worker visa or health and care worker visa must be in permanent employment.
The maximum LTV is 95%
We’ll assess LLP partners in the same way as self-employed applicants. We can consider applicants from day one of becoming a partner in an established partnership where they are replacing an existing partner or joining as an additional partner. Income will be assessed using the latest two years’ partnership accounts and confirmation from the practice accountant or managing partner. Please contact your BDM or our Lending Support team for further details.
We can consider applications where self-employed profits have reduced year on year. We’ll use the most recent, or lowest, year’s income for affordability purposes.
We can accept projected self-employed income figures for the latest year where provided by an accountant and supported by the last three months’ bank statements. This is subject to plausibility checks and a full underwriting assessment.
We don’t accept the repayment of a director’s loan as an income source for affordability purposes.
We accept salary and dividends as income for self-employed applicants who are limited company directors.
We don’t accept salary and net profit when assessing affordability.
We accept salary and dividends and can also consider retained profits where:
- The applicant(s) are 100% shareholder(s)
- Accounts for the last two years which show the retained profit at the start and end of each tax year. Retained profit is taken as the growth in retained earnings across each financial year (closing vs opened). We calculate retained profit as the average of retained profits.
from the latest and current year - Income remained stable or increasing over the last two years
- We can also consider one year’s figures where the latest year is close to completion and an accountant can confirm the expected profit.
We accept retained profits as an income source where the applicant is a 100% shareholder. We’ll use 100% of the lower of either the latest year’s figure or the average of the last two years.
We accept net profit for sole traders and partnerships as an acceptable source of income for affordability purposes.