Where income from property represents an applicant’s primary source of income (i.e., where 50% or more of overall income is derived from properties), the applicant is considered to be self-employed.

Income from holiday lets is acceptable where it has been received for a minimum of two years and can be evidenced by the latest two years’ SA302s or SA100s and the corresponding TYOs.

We will also require the latest 3 months’ personal or business bank statements showing the holiday let income.

The declared annual income should match that of the latest years SA302 or SA100. Where recent trading has decreased, a rationale should be provided and the annual income should reflect this decrease accordingly.

Holiday let income should be entered as self-employed income with the annual figure matching the latest years SA302/SA100. The property information, such as the address, and annual mortgage expenses should be added under the rental income section with the annual income entered as £0.