Sole applicants qualify with a gross income of £75,000 excluding the annual bonus and for joint applications, one applicant with a gross income of £75,000 or a joint gross income of £100,000 excluding the annual bonus can apply.
Customers will be asked to provide their past two years’ P60 or HMRC annual tax year overview and the latest bank statement.
The lower of the current year’s bonus or the two year average will be included in the affordability calculation.
The move follows a review of the lender’s residential lending criteria and applies to any existing pipeline deals that undertake a pre-contract variation from today.
The bonus changes do not apply to buy-to-let applications.