Income Sources Considered | The Second Mortgage Company

12 income sources considered for second charge loans


In most circumstances income sources accepted by mortgage lenders are limited to salaried employment and anyone with alternative income sources might find the process more complicated.

With second charge lenders though, there is a lot more flexibility when it comes to the sources of income they will consider as part of a second charge loan application process. This means that if your total income is a causing you concern or you have been refused a remortgage because of an issue with income, a second charge may offer an alternative.

Which Income Sources do Lenders Consider for Second Mortgages?

To give you an idea of the other sources of income that a second mortgage lender might consider when evaluating an application we have provided the following list of examples:

  • Employed with less than three months in post
  • Self-employed 
  • Bonuses – some lenders will allow employment bonuses to be included as income
  • Overtime
  • Temporary contracts
  • Income from rental property
  • Some benefits (for example child maintenance, child benefit, disability allowance, carer’s allowance, foster income can be considered)
  • Projected income
  • Car allowance
  • Second jobs
  • State and private pension
  • London Weighting Allowance

More often than not, if you can show income via any of the above sources and this income is seen as regular and consistent then our lenders are often prepared to consider it.

The Second Mortgage Company works with a panel of 14 lenders, each with different lending criteria, so whatever your circumstances get in touch if you are interested in finding out more.  

Our management team share 50 years experience in arranging loans secured against property and everyone in our team is fully CeMAP qualified and able to offer impartial advice - so you really are in safe hands when it comes to receiving sound product information.

As a mortgage is secured against your home, your home could be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home.

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