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.
Why Use Neil Soundy Financial Services For Your Mortgage Advice?
- We are experts in SPV / Ltd Co lending.
- Your initial consultation is free with no obligation
How Much Will It Cost Me For Your Advice?
A fee of £495 is payable on completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender for arranging the mortgage.
Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.
We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.