Nottingham Building Society has widened its affordability criteria for home buyers in the UK.
The mutual society is now accepting 100% of secondary income as part of applications, up from the previous 50% threshold.
The change comes after Nottingham Building Society conducted research that showed one in five people in the UK had taken on a ‘side hustle’ to increase their chances of securing a mortgage.
Alongside the increase in secondary income recognition, the mutual is now accepting 100% of child maintenance income.
It has also set its pension contribution assumption to a more affordable 5%, updated its contractual car allowance acceptance to cover contractual travel allowance at 100%, and has refreshed its National Insurance acceptance thresholds to the updated bandings.
Nottingham Building Society sales director Matt Kingston says: “Our latest updates to affordability criteria reflect our ongoing commitment to adapting to the needs of today’s borrowers.”
“By recognising a wider range of income sources, such as 100% of secondary income and child maintenance, we’re ensuring our criteria evolve with modern financial realities.”
