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
- Stocks and shares (including bonds, funds, derivatives, foreign exchange, contract for difference)
- Investment (including in cryptocurrency)
- 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
If you were asked to apply for this loan by someone else, maybe to make an investment or to pay fees related to cryptocurrency, this could be a scam. We do not lend for investments, including in crypto, and you should not take out a loan on another person’s request.
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