Expanded Use of Benefits for Affordability
UTB will now accept a wider range of benefits as part of affordability assessments. The following are now eligible:
- Universal Credit (excluding JSA and Housing Benefit)
- Child Benefit
- Pension Credit
- Personal Independence Payment (PIP)
- Employment Support Allowance
- Disability Living Allowance
- Attendance Allowance
- Carer’s Allowance
- Maternity Allowance
- Child Tax Credit
- Working Family Tax Credit
Evidence requirements:
For all benefits listed (except Child Benefit):
- Latest Entitlement Letter and
- Latest bank statement showing the credit
For Child Benefit:
- Latest filtered bank statement showing the credit
More Flexible Lending Into Retirement Policy
They’ve revised their lending into retirement approach to provide greater flexibility and clarity. Where the mortgage term extends beyond planned retirement age or age 70 (max age 85).
More than 10 years until retirement: Evidence of pension contributions totalling at least 3% of basic salary. Less than 10 years until retirement: Latest annual pension statement(s) required.
Updated Independent Legal Advice (ILA) Requirements. To streamline the process ILA is now only required where the applicant is aged 75+ at the start of the mortgage term.
Where an applicant is aged between 70–74, the broker must confirm if the client has chosen not to proceed with ILA.
At 3mc, we have a team of expert advisers who can discuss all your mortgage requirements. If you would like to discuss your options, give the 3mc team a call on 0161 962 7800.
All calls are recorded for training and monitoring purposes. 3mc for intermediaries only.
*Your home may be repossessed if you do not keep up repayments on your mortgage. 3mc (UK) Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register https://register.fca.org.uk/s/ under reference 302992. Please note: The FCA do not regulate Business Buy to Let Mortgages.
📱 0161 962 7800
📧 info@3-mc.com
🌐 www.3-mc.com
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