Using the First Start Affordability Calculator

• For variable rate products, or products fixed for less than 5 years - you don't need to provide an interest rate as we'll use our default stress rate.
• For products fixed for 5 years or more - enter the interest rate of the chosen product. We’ll calculate a product specific stress rate to ensure the mortgage remains affordable.

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Enter the number of adults (including the sponsor) who are financially dependent upon the sponsor. Don’t include any applicant who will live in the property being purchased.

Enter the number of children under the age of 18 living in the sponsor’s household.

If the sponsor is employed, include:

• Their annual gross basic salary including any occupational pension (the amount before tax and national insurance deductions)
• 100% of additional guaranteed income (i.e. payments which form part of their employment contract) such as mortgage or rent subsidy, geographical allowance or car allowance
• 50% of non guaranteed variable bonus, overtime and commission payments**.

**Additional payments must be proven as being regular and continuing, and are subject to assessment.

Self employed client:

• Your client’s business must have been trading for a minimum of three years
• We’ll assess the last two years’ income and will take an average of the last two years’ SA302’s. If the SA302’s show a decline in income we’ll use the lowest latest year’s figure in isolation
• For directors with a 25% or greater shareholding we’ll use the latest year’s director’s salary, plus an average of the last 2 years’ dividends.

Retirement:

• If the sponsor’s retirement is less than 10 years away, and the requested term will extend into retirement, include either their anticipated retirement income or their current income if lower.

If the sponsor also receives:

• Child maintenance - include the annual amount received. The associated children should be entered in the ‘Number of children’ field as financial dependants. Child maintenance cannot be the only form of income on an application.
• Foster income - average their last two years' earned UK taxable income, or use their most recent year's income if it’s lower than the average. Foster children must be included in the ‘Number of children’ field as financial dependants.

Enter the total household amount that the sponsor will continue to pay each month for committed outgoings.

Include:

• Car finance and personal loans
• Student loans
• Any loans or credit where your client acting is as a guarantor
• Second or subsequent charges secured on your client's property
• Hire purchase commitments
• Overdraft interest calculated at 2% of the current overdraft balance
• Credit card/store card/catalogue debts calculated at 3% of the current outstanding balance
• Childcare costs/child maintenance/alimony
• School fees
• Interest costs on any non Buy to Let mortgages (excluding main residence) your client holds, calculated at 8.84% per annum of the approximate balance at completion.

Exclude:

• Living expenses (e.g. food, utility bills, clothes, petrol)
• Subscriptions to leisure activities (e.g. gym or golf club membership)
• Ground rent, lease payments or maintenance for other properties
• Pension contributions
• Commitments or payments that will cease before this mortgage completes
• Monthly payments for their main residential mortgage.

If the sponsor has a mortgage on their main residence:

1. Enter the outstanding balance in £
2. Enter the number of years remaining
3. Then select the repayment type from the dropdown list.

For Interest Only mortgages:

• Enter the monthly cost of repayment strategy, for example pension or savings payments
• Enter 0 if there is no commitment to monthly payments, for example if the sale of property is being used as the repayment strategy.

Enter the number of adults who are financially dependent upon the applicants. Don’t include the sponsor.

Enter the number of children under the age of 18 in the applicant’s household.

Employed client:

• Include their annual gross basic salary, including any occupational pension (the amount before tax and national insurance deductions)
• We accept 50% of regular additional (non-guaranteed) income such as; overtime, commission and annual or bi-annual bonuses
• Our underwriters may reduce the amount of reliance on this income at their discretion.

Self employed client:

• Your client’s business must have been trading for a minimum of three years
• We’ll assess the last two years’ income and will take an average of the last two years’ SA302’s. If the SA302’s show a decline in income we’ll use the lowest latest year’s figure in isolation
• For directors with a 25% or greater shareholding we’ll use the latest year’s director’s salary, plus an average of the last 2 years’ dividends.

Retirement:

• If your client’s retirement is less than 10 years away, and the requested term will extend into retirement, include either their anticipated retirement income or their current income if lower.

If your client also receives:

• Child maintenance - include the annual amount received. The associated children should be entered in the ‘Number of children’ field as financial dependants. Child maintenance cannot be the only form of income on an application.
• Foster income - average their last two years' earned UK taxable income, or use their most recent year's income if it’s lower than the average. Foster children must be included in the ‘Number of children’ field as financial dependants.

Enter the total amount (combined for joint applicants, if financially dependent) your client will continue to pay each month for committed outgoings.

Include:

• Car finance and personal loans
• Student loans
• Any loans or credit where your client is acting as a guarantor
• Hire purchase commitments
• Overdraft interest calculated at 2% of the current overdraft balance
• Credit card/store card/catalogue debts calculated at 3% of the current outstanding balance
• Childcare costs/child maintenance/alimony
• School fees.

Exclude:

• Living expenses (e.g. food, utility bills, clothes, petrol)
• Subscriptions to leisure activities (e.g. gym or golf club membership)
• Ground rent, lease payments or maintenance for other properties
• Pension contributions
• Commitments, payments or rent that will cease if this mortgage completes.