Meet Chris
45, Warehouse supervisor

Things got tight for a while but now he's rebuilding.

Eight years with the same employer. During that time caring responsibilities meant a temporary reduction in hours, but he's now back working full time and focused on getting his finances back under control.

A remortgage to consolidate debt after a temporary drop in income, with affordability built from three income sources. 

View our Life Happens range Contact your BDM
Chris Headshot
Memo

Application type

Remortgage

Credit Card

Purpose

Debt consolidation

Piggy Bank

Income source

Employed, Second Job, Universal Credit

Broker House

Range

Life Happens

Remortgage with historic adverse credit and multiple income sources

This is a scenario many brokers will recognise, a stable job and long employment history followed by a period where circumstances changed and the finances didn’t keep up, leaving a credit file that records the rough patch but not the recovery.

Under our Life Happens range we can consider historic adverse credit in the context of what caused it and where your client is now. And because Chris's affordability depends on more than his main salary, this case also shows how we treat Universal Credit and second job income.

A breakdown of the case

Chris's situation
Why this can be hard to place

Chris has worked as a warehouse supervisor for a national logistics company for eight years. When unexpected caring responsibilities came up he temporarily reduced his hours, and his income dropped.

During that period he fell behind on some commitments and used short-term credit to bridge the gap. Those missed payments now sit on his credit file.

His circumstances have since stabilised. He's back on full hours, has taken on regular weekend grocery delivery work, and receives Universal Credit. He wants to remortgage, clear the short-term debt and bring his monthly outgoings down.

How Nottingham Building Society would consider this case

We would look at three things:

  1. The cause of the adverse credit and whether it has been resolved.
  2. whether each income source is established and evidenced.
  3. whether the remortgage leaves Chris in a better monthly position than he's in today.

Element What we see in this case How we would treat it
Historic adverse credit Missed payments and short-term credit use during a period of reduced hours, since resolved. No current arrears. Considered under Life Happens in the context of Chris's circumstances and his recovery. The reason behind the adverse credit matters as much as the entries themselves.
Main employed income Eight years with the same employer. Back on full hours. Assessed on current full-time salary, evidenced by payslips and bank statements.
Second job income Regular weekend grocery delivery work, established and ongoing. 100% of established second job income considered for affordability.
Universal credit Current award in payment. Considered within the affordability assessment alongside the other income sources.
Debt consolidation Short-term credit to be repaid from the remortgage advance. Considered where the new mortgage payment reduces total monthly outgoings. Cleared debts are removed from the affordability calculation.

Eligibility assessment table

What makes this possible?

  • Our Life Happens range can consider historic adverse credit in the context of the client's circumstances and recovery.
  • Universal Credit can be considered within the affordability assessment.
  • 100% of established second job income can be used for affordability.
  • Debt consolidation remortgages considered where they reduce monthly outgoings.
  • Cases are reviewed by an underwriter, not a scorecard.

Got a case like Chris'?

Someone who's held the same job for years, hit a stretch where life got in the way, and now has a credit file that remembers the hard months better than the recovery.

Our Life Happens range looks at why things went wrong and where your client is now, not just what the credit report says.

Explore the range to see how we'd approach their case.

Explore Life Happens
Chris
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What you would need to submit

The quicker we can see the whole picture, the quicker we can give you a decision. For a case like Chris's:

Two Colleagues Looking At Screen
  • Core income - Latest payslips and bank statements for the main employment.
  • Second income - Evidence of the second job income over an established period, with matching bank credits.
  • Benefit income - Most recent Universal Credit statement.
  • Credit position - A full credit report showing all adverse entries and their current status.
  • The backstory - A short note on what caused the adverse credit and how it has been resolved.
  • Consolidation detail - Details of the debts being consolidated and the balances to be repaid.

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