At United Trust Bank we offer a service and range of features which the self-employed can find especially helpful. In such cases we work closely with our introducers to fully understand all elements of income and affordability within each application.
For limited Companies, Partnerships and Sole Traders we use all of the income derived from the business in the last tax year, providing there are at least two years’ tax returns. Income includes any paid salary in addition to drawings/dividends received and the customer’s share of Net Profit. All of which can be proved with accounts, an Accountants Certificate or Self-Assessment Forms.
Available products include BoE Trackers from +4.20% and 5 year fixed rates from 5.70%, all with no ERCs and unlimited overpayments.
A good example is a loan we completed in December where the only income was from a self-employed sole-trader who earned £51,000 a year working in the car industry. The company was well established with over 20 years’ trading and the £44,000 loan over a 20 year term was secured against a property worth £700,000.
Our introducer completed an affordability decision up-front during the initial sales enquiry using the simple online calculator on the UTB Broker Portal. During the underwriting process income was easily evidenced by obtaining the last 2 years’ SA302 forms, and a drive-by valuation was undertaken. Once all of the requirements were satisfied, completion took place. All within 5 days of the application being received.