Lending Criteria

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:

  • Before tax your salary, any pensions, rental and 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
  • Gambling
  • 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’re self-employed you can borrow the following:
    • Up to £15,000 over 1-7 years
    • £15,001 to £25,000 over 2-7 years
    • £25,001 to £40,000 over 2-5 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.