Using and interpreting the LTI Exception Calculator
IMPORTANT - This calculator is for estimating Loan to Income (LTI) exceptions only. Our maximum multiple for exception purposes is 4 times income.
Please only use this calculator for cases between 3.5 and 4 times income.
Applicants seeking an exception must have a clean credit history and if self-employed, must have been so for at least 3 years.
Applicants seeking an exception must be able to demonstrate an additional net disposable income (NDI) beyond standard requirements as follows:
- Single applicant €1,000
- Joint applicants – no children €1,250
- Joint applicants – with children €1,500
Please note that the LTI Exception Calculator factors this additional requirement into assessment – you do not need to input any additional figures.
Gross Annual Income
Please enter the customer’s gross annual income before any deductions. Where the customer works more than one job, add both gross incomes together.
Additional / Variable Income
Where 3 years evidence available – 100%
Step 1 - Please input the average of any bonus / commission / overtime earned by the applicant for the last 3 years (reference P60’s / salary cert etc).
Step 2 For car and/or shift allowance, we do not apply an average. Please add the current level of each to the overall variable income number – i.e. what is their car allowance now & what is their shift allowance now. Please note that 3 years evidence of each is still required.
The calculator will take 100% of total variable income, capped at a maximum of 50% of overall basic income per applicant.
Where less than 3 years evidence available – 50%
Please enter a total for all additional / variable income earned in the last year. The calculator will take 50% of the number submitted.
Monthly unsecured debt repayments
Please total all non-mortgage debt repayments (e.g. personal loans, credit cards etc)
Buy to Let portfolio mortgage repayment
If the customer has one or more buy to lets, please input the total monthly mortgage repayments for all such properties.
Buy to Let portfolio rent
If the customer has one or more buy to lets, please input the total monthly rent received for all such properties.
If the applicants meet the 4 times income rule, this box will display a ‘YES’. Where this test is failed, the word ‘NO’ will appear.
If the applicants pass affordability assessment, this box will display a ‘YES’. Where this test is failed, the word ‘NO’ will appear.
The calculator will return the applicable fixed or variable rate based on the customer’s LTV.
The monthly mortgage repayment based on the rate, term and loan amount sought.
Printing & Saving Calculations
Once you have completed a calculation, simply click the ‘Get PDF’ button. This will produce a PDF summary of the scenario that you can save or print as required.
This calculator is a reference guide for mortgage professionals accredited to distribute Finance Ireland Residential Mortgages products. The results of this calculator do not constitute a formal offer of credit. It is made available on a strictly confidential basis and must not be distributed to any person or organisation without the prior written consent of Finance Ireland Residential Mortgages. Lending terms and conditions will apply.