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.

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