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Where income from property represents an applicant’s primary source of income (i.e., where 50% or more of overall income is derived from rental properties) this will be treated as self-employed. Please refer to the Income & Employment > Self employed & Packaging > Sole traders income pages for further guidance.
In cases where the Rental income makes up less than 50% of the customer's total income, we will include the income as long as it can be evidenced clearly by the latest 3 months bank statements.
Rental income is weighted at 83%.
We will require the following for each of the rental properties;
- Address of property
- Outstanding mortgage balance
- Total annual rental income
- Total annual mortgage repayment
Refer to the
Let to Buy
In cases where the applicants are converting their current residential property to a ‘let to buy’, we will not include any future rental income into the affordability calculator.
We will however be required to confirm the property is self funding, where the BTL mortgage repayment is being excluded.
- BTL/LTB mortgage offer
- AST or ARLA letter