The Mansfield Building Society

Affordability Calculator

FOR INTERMEDIARY USE ONLY

Use our online affordability calculator to assess your client's individual circumstances against our lending criteria. The calculator is downloaded as an Excel file. If you are intending to view the document on a mobile device, you will need software to enable you to view Microsoft Office documents.

Download our affordability calculator.

 

Income Calculations

 

Income

%age for use

Gross Basic Salary/Pension Income 100%
Guaranteed overtime, bonus, commission and shift allowances 100%
Regular overtime, bonus, commission and shift allowances 50%
Employment allowances: Employment weighting (ie London or regional); housing allowance/subsidy; and similar 100%
Car Allowance (but not mileage reimbursement) 100%
Income from 2nd job if permanent and employment longer than 6 months 100%
Net Profit (if self-employed sole trader or partner) 100%
Gross Dividend (if shareholder/director of limited company) 100%
Directors remuneration (if director of limited company) 100%

Rent A Room Income

not main source of income and LTV <80%

not main source of income and LTV >80%

 

100%

75%

Universal Credit/Invalidity/Disability Benefits 50%
Working Tax Credit/Child Tax Credit (youngest child under 13) 50%

Child Maintenance by Court Order (sight of Order required and youngest child under 13)

not main source of income and LTV <80%

not main source of income and LTV >80%

 

100%

25%

Child Maintenance by Child Support Agency (validated) and youngest child under 13

not main source of income and LTV <80%

not main source of income and LTV >80%

 

100%

25%

Pension Credit 100%
Bursaries for Nurses/Other Professionals 100%
Ex Spouse Maintenance not via Court Order 0%
Ex Spouse Maintenance via Court Order 100%
Average investment income (over a period of at least 2 years) 100%
Pensioners Winter Fuel Allowance 0%
Domestic renewable heat incentive 0%

 

Expenditure Calculations

 

Expenditure

%age for use

Aggregate value of monthly payments on unsecured loans/hire purchase with more than 6 monthly payments outstanding on completion of the new mortgage  100%
Payment under Equity Loan Arrangement (current/future obligation) 100%
Aggregate value of all current credit card/store card/mail order balances 3% of balance outstanding
Aggregate value of the “underlying base level” of all current account overdraft facilities for the last 3 months - excluding where the amount is less than £500/25% of net monthly income 3% of balance outstanding x 12
Aggregate value of monthly payments on secured lending 100%
Any school fees or university fees 100%
Any maintenance payments 100%
Any rental payments under a Shared Ownership Scheme 100%
When interest only and payments to be made to a repayment strategy 100%

Date printed: 23 April, 2017 23:41


The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.