Does Progressive consider unearned income when assessing affordability?

1. How much will Progressive lend my client?

The amount Progressive Building Society will lend to a customer is dependent on an assessment of their affordability based on acceptable income and expenditure.

The Society uses income multiples to give an indication of how much we may lend. More details can be found in our Lending Criteria.

You can perform a quick calculation using our How much can my client(s) borrow? online tool. This will provide a high-level guide to the amount we are likely to lend based on your client’s income.

For a more detailed assessment, our online Affordability Calculator can be used before submitting any application to provide you with an illustrative borrowing figure based on your client’s personal .

You can also generate a Mortgage Illustration or request a Decision in Principle for your client within our secure online intermediary portal.

Income multiples and our calculator tools are for indicative purposes only and an application will still be subject to a satisfactory Affordability Assessment, Credit Search, Verification Check and Valuation.

2. How can I print my client’s affordability calculator results?

Once you have filled in your client’s details on the Affordability Calculator and the results have been generated, you can click the ‘print’ button at the bottom of the page to print their results.

3. How can I save my client’s affordability calculator results?

To save your client’s results, follow the steps below:

1. Fill in the calculator as normal.
2. On the results page press ‘Print’.
3. You should then see a Print Options screen that asks you to ‘select printer’. Scroll until you find any of the following options:
   • Adobe PDF
   • Microsoft XPS Document Writer
   • PDF Creator (you can download a free version of PDF Creator).
4. Select one of the options above, then press ‘print’.
5. After a few moments, a window should pop up asking you to ‘Save File As’. Choose your destination folder as normal and press ‘save’. Your client’s results should now be saved on your computer.

4. How is an applicant’s credit history likely to affect a mortgage application?

The Society will not normally consider lending to an applicant(s) who has ever:

• owned a property which has been subject to a shortfall sale or taken into possession by a lender, either as a result of a voluntary arrangement or by court action;
• failed to keep up payments under a mortgage or any other loan;
• had a county court judgement registered against them;
• been declared bankrupt or made arrangements with their creditors;
• defaulted on any credit accounts.

Please contact your BDM should you wish to discuss a case with them.

5. Does Progressive consider rental income when assessing affordability?

The Society will consider 60% of rental income in the Affordability Assessment. The Society will require proof of rental income by means of a copy tenancy agreement and/or proof of rental payments being received into a bank account.

6. Does Progressive consider unearned income when assessing affordability?

The Society will take some forms of unearned income into account when assessing affordability. We will not progress an application where state benefits make up the majority of the income (excluding pension income). The Society’s lending criteria can be viewed here.