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) this should be treated as self-employed policy.

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 SA302 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/SA100. Where the recent trading has decreased a rationale should be provided and the annual income reflected accordingly.

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