How to complete the First Start affordability calculator

 

 

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Sponsor's mortgage

If the sponsor has a mortgage on their main residence, enter the outstanding balance in £ and the number of years remaining.

Then select the repayment type from the dropdown list.

For interest only mortgages, enter the monthly cost of repayment strategy, for example pension or savings payments. Please enter 0 if there is no commitment to monthly payments, for example if the sale of property is being used as the repayment strategy.

Applicant information

This is the highest earning applicant (not including the sponsor).

Number of adults

Enter the number of adults who are financially dependent upon the applicants. Don’t include the sponsor.

Number of children

Enter the number of children under the age of 18 in the applicant’s household.

Applicant finances

Annual income (£)

If the applicant is employed please include:

  • Their annual gross basic salary including any occupational pension (the amount before tax and national insurance deductions)
  • 100% of additional guaranteed income (i.e. payments which form part of their employment contract) such as mortgage or rent subsidy, geographical allowance or car allowance
  • 50% of non guaranteed variable bonus, overtime and commission payments**.
    **Additional payments must be proven as being regular and continuing, and are subject to assessment.

If the applicant is self employed, please average their last two years' earned UK taxable income (gross taxable income, not turnover), or use their most recent year's income if it’s lower than the average. Earned taxable income is defined as follows:

  • For sole traders, use their net profit figures
  • For partnerships, use their share of the net profit
  • For directors with a 25% or greater shareholding, use the total of their director's remuneration and dividend income.

If the term requested will extend into the applicant’s retirement and their retirement is less than 10 years away, please include either their anticipated retirement income or their current income if lower.

If the applicant receives child maintenance please include the annual amount received. The associated children should be entered in the “Number of children” field as financial dependants. Child maintenance cannot be the only form of income on an application.

If the applicant receives foster income please average their last two years' earned UK taxable income, or use their most recent year's income if it’s lower than the average. Foster children must be included in the “Number of children” field as financial dependants.

Monthly outgoings (£)

Enter the total amount (combined for joint applicants if financially dependent) the applicant will continue to pay each month for committed outgoings.

Include:

  • Car finance and personal loans
  • Student loans
  • Any loans or credit where acting as a guarantor
  • Hire purchase commitments
  • Overdraft interest calculated at 2% of the current overdraft balance
  • Credit card/store card/catalogue debts calculated at 3% of the current outstanding balance
  • Childcare costs/child maintenance/alimony
  • School fees

Exclude:

  • Living expenses (e.g. food, utility bills, clothes, petrol)
  • Subscriptions to leisure activities (e.g. gym or golf club membership)
  • Pension contributions
  • Commitments, payments or rent that will cease if this mortgage completes

Contact us

We're here to help. For registration and all business enquiries, including online support and case updates, call our enquiry line on 0345 266 8928*.

Get in touch

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