GWM ORA UK Finance

DOES THIS AGREEMENT REPLACE AN EXISTING FINANCE LOAN THAT WILL BE REPAID AS A RESULT OF THIS AGREEMENT?  YES/NO

This is to make sure that we do not count an existing monthly loan payment as part of your regular monthly loan repayments, when such payments will no longer be made due to the loan having been repaid.

GROSS ANNUAL INCOME

The following lists what can and cannot be included in your Gross Annual Income.

Employment (Employed/Self Employed – Sole Trader/Partnership)

What can I include? 
Wage or salary from full or part time employment.

• Regular commission or regular overtime. This can only be used if regularly received and unlikely to be withdrawn, e.g. weekly payments for eight weeks, monthly payments for two months, quarterly payments for two quarters have been received.
• Permanent allowances included in customer’s regular salary.
• Income received which is drawn from the business plus any other allowable income including dividend payments.

What cannot be included?
Non regular overtime or commission.

• Bonuses.
• Net profit from business.

Retirement/Independent Means/Government/Other

What can I include?
Retirement/Independent Means/Government/Other

• Pension received from private, company or government pensions.
• Widows pension.
• Rental income from buy-to-let properties or lodgers, where a tenancy agreement exists.
• Investment income including dividends.
• Regularly received maintenance payments.
• Regularly received payments which can be evidenced through personal account deposits.
• Universal Credit (100% of Universal Credit is allowable and you do not need to find out the amount of Child Tax Credit).
• A single benefits payment which has been rolled out in parts of the country.
• Pension Credit (amount only).
• Working Tax Credit.
• Child Tax Credit (only include when the customer uses the credit towards the cost of childcare:
  • if the Child Tax Credit is more than 70% of the childcare costs, then only input 70% of the childcare costs as income
  • if the Child Tax Credit is less than 70% of the childcare costs, then input the full amount of the Child Tax Credit as income.
  • Social Fund, e.g. Funeral Payments, Maternity Grants, Crisis Loans, Budgeting Loans, Community Care Grants and Cold Weather Payments.
  • Housing Benefit (this amount must not be greater than the customer’s rent payment which you will record in the Expenditure section).
  • Reduced Earnings Allowance only.
  • Employment and Support Allowance (ESA).
  • Income Support.
  • Industrial Injuries Disablement Benefit (amount only).
  • Widowed Parent’s Allowance only.
  • Foster care reward payment (only use the reward payment amount that is in addition to the foster care allowance).

What cannot be included?
Income from a spouse, civil partner or a partner, e.g. Housekeeping or allowance.

• Jobseeker’s Allowance.
• Child Tax Credit amount greater than 70% of childcare costs.
• Disabled Students’ Allowance.
• Winter Fuel Payments.
• Personal Independence Payment (formerly known as Disability Living Allowance) that is not designed to meet additional costs incurred by disability such as transportation and care.
• Carers Allowance.
• Attendance Allowance.
• Council Tax Benefit.
• Social Fund, e.g. Funeral Payments, Maternity Grants, Crisis Loans, Budgeting Loans, Community Care Grants and Cold Weather Payments.
• Student grants, loans and bursaries.
• Any other income not listed as allowable.

YOUR SHARE OF MONTHLY MORTGAGE/RENTAL EXPENDITURE

(Note: please enter your share only. Eg. if you have a joint mortgage for £1000 and you pay half then your share is £500. If you do not pay mortgage, rent or board each month, please enter £0. Make sure you check what to include).

What can be included?

• Only the amount that you personally pay.
• The total amount you pay towards both a mortgage and rent.
• All mortgage and rent payments you make for properties in the UK and abroad.
• Money you pay to live in someone’s property (for example to a landlord, letting agency, parents or friend).

What cannot be included?

• Ground rent or service charge if your landlord pays it.
• Any household bills.
• Any bills included in your rent – only enter the amount for accommodation.

OTHER MATERIAL MONTHLY EXPENDITURE THAT IS NOT DEBT RELATED SUCH AS SCHOOL/UNIVERSITY FEES OR MAINTENANCE ETC

Other committed expenditure is that which is outside of usual household bills and credit commitments, e.g. childcare fees. The main items to include are:

• Childcare fees – Student loan
• School fees – Other

The amount should be expressed as a monthly sum.

ARE THERE ANY EXPECTED CHANGES IN YOUR PERSONAL CIRCUMSTANCES THAT WOULD RESULT IN YOU BEING UNABLE TO REPAY THE LOAN OVER THE TERM OF THE AGREEMENT?  YES/NO

​​​​​​​(e.g. being unable to pay the full monthly instalments due to retirement, redundancy, reduction in working hours/salary, career change or change in family circumstances).