600,000 people with multiple income streams expect to be mortgage-ready within three years, highlighting growing demand for lenders who take a more flexible view of earnings.
However, many high street lenders don’t take additional earned income into account, instead relying on a customer’s main job, overlooking bonuses, overtime, commissions, or earnings from a second role. As a result, many customers who can actually afford to borrow are declined or can’t afford as much as they could. This creates a real barrier to homeownership for those whose income doesn’t fit traditional structures.
While this customer has multiple income sources, not all lenders would take the full picture into account, limiting their borrowing potential.
With Pepper, we’re inclusive. We recognise that income doesn’t always come from a single source. So, if your customer has a side hustle, receives monthly commission, or works overtime, we can include 100% of their income in the affordability assessment. Enabling customers to have better affordability and more options.
In a case like this, the customer would fit our Pepper 36 Light range.
At Pepper, we support your just-off-high-street customers with flexible criteria and human underwriting. Here’s how we can help you support customers with multiple income streams:
- We don’t credit score – affordability is based on the full picture
- 100% of income from a second job accepted
- 100% of monthly bonuses, overtime and commission accepted
- No debt-to-income ratio – unsecured missed payments don’t affect product tier
- No value limit on CCJs and defaults (and no need for them to be satisfied)
- 1 year or the latest years’ self-employment figures accepted (useful if income is increasing)
- We individually underwrite applications and look at the story behind the numbers for reasons to say yes, rather than no
For further information and support, get in touch with your BDM to discuss our Just-Off-High-Street range, or visit our website to learn more.