In order to qualify, a customer must not have claimed through the government scheme within the three months preceding the application.

Income assessment will continue to follow the existing process, using the average of the last two years or the most recent year’s income, whichever is lower.

The lender will no longer require customers to complete the mandatory self-employed application submission sheet or for its self-employed triage team to complete an affordability check.

When assessing the application, underwriters will assess the business’ capability to sustain the declared level of income using the last three months business bank statements including considering the impact of Bounce Back Loan commitments.

Should the underwriter verify a lower level of income, the application will be amended and the underwriters will contact the customer directly to relay their underwriting decision and provide a maximum lend based on the verified income.