Intermediary

Acceptable Income & Commitments

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Evidence of Income (EOI) and Bank Statements

Ulster Bank RI Current account holder statement requirements

Customers should have maintained an account with us for a minimum of 3 months.

Ulster Bank Customer

Must have either a live mortgage account or live bank account.

Certified EOI & Bank Statements

Photocopies of required documentation must be fully certified copies of originals, i.e. stamped, dated and signed. When certified copies are enclosed only 1 of the copies needs to be stamped and signed as certified. However must specify number enclosed i.e. 1 of 4 or 1 of 6 etc. All pages must run consecutively and be numbered by provider. Most recent statements must be no more than 5 weeks old from date of application submission to Mortgage Centre.

a. Salary mandated to UB account

Three most recent payslip (fortnightly or monthly) If paid weekly, 4 payslips required.

b. Salary mandated to Non UB account

Three most recent payslip (fortnightly or monthly) and latest three months’ consecutive statements. If paid weekly, 4 payslips required.

c. Salary not mandated

Three most recent payslips (fortnightly or monthly) and latest three months’ consecutive statements. If paid weekly, 4 payslips required.

Best Practices:

  • If customer is paid in cash please supply most recent P60. A letter from the external company accountant to be provided.
  • If net pay and/or tax deduction amounts are the same on each payslip please supply most recent P60.

Self Employed

  • latest 3 months’ consecutive personal bank statements verifying expenditure and
  • latest 3 months’ consecutive business bank statements (If business account is not with the Bank) and
  • 2 years finalised accounts AND
  • Tax Assessment forms confirming 2 years Key Data (must include tax returns and Revenue acceptance forms)

Salary

The following table details type of income that may be included in the calculator.

Income Description Main Income Additional Income Notes *
Basic Net Salary Yes - Main Income - A contract is required for new employment, applicant must not be on probation.

Additional Income - Last 3 months consecutive bank statements to check for arrears, unpaid items or penalty charges. 3 most recent payslip (weekly or monthly) to confirm basic salary. If paid weekly, 4 months recent payslips required.
Bonus payments No No Allowable for Mortgage LTI calculation only. **
Bursaries from Employers Yes - Acceptable when paid for living expenses but not when paid for fees.
Car Allowance Yes - Paid over a regular period. Evidence should be obtained from payslips, P60, account profile etc as detailed under Basic Net salary section above. Additional payslips may be required.
Commission – Regular Yes - Include up to 50%, using the average figure over the last 3 months (payment should be evident and consistent on a monthly or weekly basis over the 3 month period). Evidence must be obtained from payslips or P60. Additional payslips may be required.
Contractor Income Yes - Received for 12 months.
Expenses No No Not acceptable.
Housing Allowance from employer Yes - Evidence required.
Long Term Large Town Allowance Yes - Paid over a regular period. Evidence should be obtained from payslips, P60, account profile etc as detailed under Basic Net salary section above. Additional payslips may be required.
Overtime Yes - Include up to 50%, using the average figure over the last 3 months (payment should be evident and consistent on a monthly or weekly basis over the 3 month period). Evidence must be obtained from payslips or P60.
Second Job Yes - Minimum 6 months.
Shift Allowance - Yes Include up to 50%, using the average figure over the last 3 months (payment should be evident and consistent on a monthly or weekly basis over the 3 month period). Evidence must be obtained from payslips or P60.
Temp Agency Income Yes - Income paid through a temporary agency must be demonstrated through a minimum of 12 months previous employment. A history of employmeny should be continuous however it is accepted that there may be occasional gaps in their employment record where the applicant has changed employers.

* Additional guidance on incomes & supporting evidence when income verification is required.

** The following rules should be followed:

  • Full amount of bonus can be included as part of the income calculation, up to a maximum of 20% of basic salary, capped at 3.5 times multiple
  • Bonus should be in receipt for a minimum of the previous 2 years
  • The average of the last two years bonus should be used
  • Evidenced by a bonus grant letter or other confirmation from employed

Benefits

Income Description Main Income Additional Income Notes *
Carers Allowance Yes - Paid to people (aged 18 and over in RI) spending at least 35 hours a week caring for someone who is ill or disabled.
Child benefit - Yes Acceptable for children aged 14 and under only. Where Child Benefit is paid by cash or cheque a copy of payment receipt dated within 8 weeks of application date is required as verification.
Farm Assist No No Income Support/supplement for low income farmers.
SOLAS (Further Education & Training Authority) No No Scheme monies are not acceptable unless paid through SOLAS for an Apprenticeship scheme. This should be validated by a letter from either SOLAS or the appropriate Education Department.
Disability Living Allowance/Disability Allowance / Severe Disability Allowance Yes - For children and adults under 65 who need help with personal care of have walking difficulties because they are physically or mentally disabled.
Foster Carers’ Allowance Yes Evidence should be obtained from payslips, P60, account profile etc as detailed under Basic Net salary section above. Additional payslips may be required.
Incapacity Benefit / Supplement / Illness Benefit - Yes Payment for people who become incapable of work through illness or disability while under state pension age. Payments cease upon return to work.
Income Support/Family Income Supplement No No Can only be accepted as main income where paid in conjunction with Disability Living Allowance.
Housing Benefit - No Housing benefit is not acceptable for mortgage products.
Job Seekers Allowance No No Not acceptable as paid to people who are out of work or working less than 16 hours a week.
State Pension Yes - Account enquiry, Bank statement or letter from the Pension Service can be used as evidence.
Unemployment benefit/assistance No No Not Acceptable.
Widowed Parent Allowance - Yes Evidence required. Acceptable for children aged 14 and under only.
Widows Pension - Yes Evidence required.

* Additional guidance on incomes & supporting evidence when income verification is required.

Other Types of Income

Income Description Main Income Additional Income Notes *
Child Maintenance * - Yes Child Maintenance can be either a private arrangement between parents or court approved. Acceptable for children aged 14 and under only.

Additional Income - Evidenced by last 3 months consecutive bank statements.
Pension Yes - Account enquiry, Bank statement or letter from the Pension provider can be used as evidence.
Rental Income - Yes Main Income - 75% Where a mortgage is held the repayment must be keyed as an outgoing. 3 months consecutive Bank statements to verify rental levels. Do not include rental income from foreign properties or seasonal lettings.

Additional Income - 75% Where a mortgage is held the repayment must be keyed as an outgoing. An enquiry on the customer’s account to confirm rental income levels detailed. Do not include rental income from foreign properties or season lettings.
Room Rental No No Not Acceptable
Self Employed: Salary Drawings, or Net Profit Yes -

Refer to the note below on Self employed evidence

Regular Investment e.g. Dividend Income share portfolio etc Yes - Private customers only - This should be keyed in the salary field. Proof of nature and value of investment to be evidenced via an Accountant, Solicitor or Trust Administrator.
Stipend salary Yes - Stipend salary for PhD students.
Third Party Income, Spouse, Partner, Parent etc NOT included on application No No Not Acceptable.
Farm Income / Expenditure Yes - 3 months’ recent Bank statements plus Farmers A/Cs and/or Farming Statement of Affairs / Farm Appraisal form.

* Additional guidance on incomes & supporting evidence when income verification is required.