Affordability assessment: Personal borrowing for self employed business purposes ignored

Our standard acceptability

Can Be Ignored

Criteria definition:

Indicates if we can potentially ignore personal borrowing for self employed business purposes when assessing borrowers affordability

Policy Notes:

We can potentially ignore personal borrowing for self employed business purposes. We will need confirmation from the accountant in way of a reference, confirming the business covers the payments on a recurring basis. For example, a car loan paid for by the business, but which is in the applicants personal name.

Criteria categories:

• affordability assessment
• Policy

Last updated:

23 February 2023