On Friday 27 October, we made some important updates to our Buy to Let (BTL) lending criteria.
Minimum income criteria
We’ve simplified our criteria by removing the £50,000 minimum income requirement for applicants who will have five or more let properties at completion. We also now accept other income types.
This means for all BTL applications:
- at least one applicant must have at least £25,000 income
- we’ll accept other income types excluding rental income
- 100% of primary and secondary income can be used.
Please see our BTL lending criteria for more information.
Income evidence
For self-employed income, applicants must have a minimum of one year’s figures which can be evidenced through either our accountant’s certificate, Self-Assessment Tax Calculation forms (SA302s) plus Tax Year Overview (TYOs) or full accounts.
All income evidence must be retained for a minimum of two years from completion. Please see our Evidence requirements guide for more information.
Property criteria
We no longer consider applications for BTL properties with six or more bedrooms.
Pipeline rules for these changes
All full mortgage applications (FMAs) already submitted via Introducer Internet by close of business on Thursday 26 October will continue to be progressed using our existing BTL lending criteria.
Any cases submitted from Friday 27 October, or where a material change is made to an FMA submitted before close of business on Thursday 26 October, will be assessed using our new policy.
Please call your dedicated contact if you want to know more about the above.
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