Common use of INCOME VERIFICATIONS Clause in Contracts

INCOME VERIFICATIONS. The Seller requires appropriate income evidence for every application at the time of the risk decision. In relation to employed applicants, the Seller requires as a minimum by way of income verification: one monthly or two consecutive fortnightly (dated no more than two months before application) or four consecutive weeks' (dated no more than five weeks before application) payslips. In relation to self-employed applicants (other than those applicants who are deemed to be self- employed by virtue of being directors of a limited company with a shareholding of 20% or more in that company, in relation to which additional income verification is required), the Seller requires as a minimum by way of income verification: (i) for loans with an LTV of up to 90 per cent. either: (a) latest two years' signed accounts (year end no more than 18 months from application) or (b) self assessment tax calculation forms for the latest two years or (c) an accountant's certificate from a suitably qualified accountant; and (ii) for loans with an LTV above 90 per cent., 3 years’ income figures from self assessment tax calculation forms and/or full trading accounts.