We know how tricky Top Slicing can be, but we’re here to help. Our experts are on hand to answer any of your questions to support you and your BTL clients. Here are some tops tips, explaining the types of top slicing, what they are and how they work:
Personal income backed is where the applicant can use excess personal income to supplement rental shortfall:
- At least one applicant must be earning £50,000 per annum or more;
- An Income & Expenditure form must be completed;
- Any monthly income surplus can be used to supplement the rental shortfall.
Portfolio income backed is where the applicant can use excess income from any properties coming to or currently held with Zephyr Homeloans to supplement rental shortfall:
- The aggregate ICR across all mortgages held with Zephyr Homeloans must be 155% using the product rates;
- Any income from a property with an ICR higher than 140% can be used to supplement any property with a rental shortfall.
Remember, we may allow a mix of personal and portfolio income to support rental shortfalls
Want to know more? Check out our Top Slicing support guide
NEW product range!
We’ve just launched our new product range, featuring reduced rates across the majority of products in both our Standard and Specialist range, plus we’ve introduced a NEW 1% fee product option to give you more choice for your BTL clients. With such competitive rates and broad criteria, there’s never been a better time to get in touch with Zephyr.
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Or call 0370 707 1894 – Monday to Friday 9am to 5pm.
