Can I Obtain a Mortgage on a Clergy Stipend?

Since the introduction of the Mortgage Market Review in 2014 obtaining a mortgage has become more difficult as lenders are stricter on what income that can be included.

An area that has caused issues is stipends. Where some lenders allowed stipend income to be used as a source of income it was usually between 50% to 75% of its value.

Halifax have changed their stance on Clergy stipend. In Oct 2016 Halifax removed stipends as an acceptable source of income for affordability. From January 2017 they have reversed their lending policy for the Clergy stipends and will now treat this as ‘basic’ income and use 100% of its value.

A member of the Clergy defined is a member of any religious group ordained for religious group.

It is anticipated that other lenders may also change their criteria to match the Halifax.

Contact us for the latest criteria

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.