The following is a list of income which is not allowed to be considered when applying for your Sainsbury's Bank Loan
- Child Benefit
- Child Tax Credit
- Foster Carer's allowance
- Guardians allowance
- Housing Benefit
- Income Support
- Job Seekers allowance
- Maintenance payments
- ESA – (Employment and support allowance) where the customer has been declared fit to work.
- Net Profit from a business
- Non regular overtime or commission
- Income from solar power generation
- Student grants
- Student loans
- Student bursaries
- Universal Credit
The following income is what can be considered:
- Your salary before tax or NI, any pensions, rental or investment income
- Only 75% of rental income can be used to finance the loan
- Only 75% of investment income (dividends etc) can be used to finance the loan
Please note, we do not lend for any of the following purposes:
- Purchase or financing of timeshares
- Purchase of a UK or foreign property and any associated costs (e.g stamp duty)
- To a limited company
- Business purposes
- Stock market investment
- Illegal purposes
- To provide the deposit to support a mortgage application with ANY lender
- To repay negative equity or to pay off any part of a mortgage even if this is to fully repay the remaining balance
- Refinance of loans arranged through the student loan company
Please also note:
- If you are self employed, you can borrow up to £25,000, up to 5 years.
- When you key your expenditure details, you must enter the full amount of your mortgage, even if you only pay half or do not contribute.
- If you live exclusively on benefits, you are not eligible to apply for a loan in your sole name. However, you can be a second applicant on a joint loan, as long as the other applicant has an acceptable form of income.
- If you are a student, you cannot apply for a loan (with or without regular income) in your sole name. However, you can be a second applicant on a joint loan, as long as the other applicant has an acceptable form of income.
- You cannot apply if you are a resident of: the Isle of Man, Channel Islands (Jersey, Guernsey, Alderney, Sark, Herm, Jethou, Brecqhou and Lihou) and the Republic of Ireland.