Employment

There is no minimum income requirement for Buy to Let applications. This includes £0 income with the exception of unemployed applicants in receipt of unemployment benefits.

All income must be keyed whether employed or self-employed (including benefit income). We reserve the right to ask for evidence of income in certain circumstances.

Applicants with a lower or £0 income, could be asked to evidence this to ensure the correct Interest Cover Ratio (ICR) is applied. Please visit the Affordability page for more information.

There is no minimum term of employment although self employed applicants must have owned the business for a minimum of 1 year. For contractors please refer to the table below for more information.

Applicants must be registered for UK Tax and their source of income must be from within the UK.

For any queries regarding income, please contact your Business Development Manager prior to submitting the application.

Treatment of income – Buy to Let applications only:

Contract type	Minimum 12 months history required?	ICR treatment	Proof of income required?
Contractors – Tax paid by employer (employed)	No	125 or 145% based on tax bracket	Yes, if required to validate 125% for basic rate taxpayers when 145% is not affordable.
Contractors – Customer pays own tax (self-employed)	Yes	145%	No
Day Rate Contractors – Tax paid by employer (employed)	No	145%	No
Day Rate Contractors – Customer pays own tax (self-employed)	Yes	145%	No
Zero Hours – Tax paid by employer (employed)	No	125 or 145% based on tax bracket	Yes, if required to validate 125% for basic rate taxpayers when 145% is not affordable.
Zero Hours – Customer pays own tax (self-employed)	Yes	145%	No