We can use future income provided the new role is due to start within 3 months of a full mortgage application being submitted. For future income an employment contract can be provided as income verification. Alternatively, we will contact the new employer for an employer’s reference.
These cases fall outside of our standard policy. Please call your BDM or the office based BDMs on 0345 307 355 (option 3) to discuss the case details before submitting.
In order to meet the self financing calculation for Buy-to-Let mortgages, the rental income is required to cover the higher of 145% of the mortgage interest at initial product pay rate OR 145% of the mortgage interest at a notional rate of 5.5%. The self financing calculation must also cover the product fee if this is to be added to the loan.Should the rental income be insufficient to meet the self funding calculation then the loan amount must be reduced to fit. Personal income may not be utilised to meet any shortfall in rental income.
For Buy-to-Let applications the valuer will provide an expected market rental value figure.
No, but we will factor applicant(s) credit in to the overall credit score.
Yes. If we need an employment / accountant’s reference we will ask for this by email. So please include an email address for the employer, or accountant when you submit a mortgage application.
We also accept completed references by post or fax.