Let to Buy
At the initial application stage the applicant(s) must produce a letter from a professional letting agent confirming the expected monthly rental income which should cover the interest only payments by 130% (a tenancy agreement is no longer required prior to completion).
In order to ensure affordability in the period up until the property is let, and to cover potential gaps between tenants, six months mortgage payments are to be taken as an outgoing and deducted from income prior to standard income multiples being applied.
Let to Buy will be available on all products with the exception of 100% and will not be available to applicants who have any missed mortgage payments within the last 6 months.
Buy to Let
Maximum LTV 85% on loans up to £400000
Maximum LTV 75% on loans £400001+
125% rental income coverage up to 80% LTV
130% rental income coverage up to 85% LTV
