How To Service Complex Income – by Craig Middleton from Harpenden Building Society

In February, the Office for National Statistics (ONS) reported that the overall employment rate increased by 0.6% year on year (Dec 2018 vs Dec 2019) to a record high of 76.5% (since ONS figures began in January to March 1971). Employment is defined by the number of people aged 16 and over in paid work, and the employment rate is the proportion of people in paid work between 16 and 64. At face value, this looks like a very encouraging sign for the housing market but further investigation reveals that income characteristics have changed significantly.

At Harpenden Building Society, they’ve been specialising in complex income for many years and have seen a distinct increase in the number brokers looking for support. While complex income used to be non-standard, the frequency of mortgage applications classified as complex is increasing. There are several drivers of this trend…