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Reliance Bank ups allowance for benefit and maintenance income
Reliance Bank has increased the amount of income accepted in its affordability assessment for 15 types of benefit and maintenance income, including child benefit, which will improve customers’ borrowing ability.
The amount of income accepted for the range of allowances has increased from 60 per cent to 75 per cent.
The allowances that have been increased include adoption allowance, carers allowance, constant attendance allowance, child benefit, child tax credit, disability living allowance, universal credit (excluding housing benefit), employment and support allowance, foster care allowance, guardian allowance, industrial injuries disablement benefit, maintenance, personal independence payment, working tax credits and widowed parent allowance.
Gareth Byrne, head of mortgages at Reliance Bank, said: “I am delighted that we have been able to get the criteria update introduced to help further demonstrate how Reliance Bank looks to help those applicants who rely on benefit income and maintenance income for affordability.”