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Rental income
We will accept rental 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
Where there are other associated costs relating to the property(s), such as management fees, these must also be declared or offset against the income.
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.
Documentation requirements:
- BTL/LTB mortgage offer
- AST or ARLA letter
We define self funding as: 125% of the mortgage repayment <= the rental income