Application → All guides
Expanded higher LTV criteria (95% LTV)
Remortgage & Additional Borrowing
Customer → All guides
Income and employment → All guides
Where income from property represents an applicant’s primary source of income (i.e., where 50% or more of overall income is derived from properties) this should be treated as self-employed policy.
Income from holiday lets is acceptable where it has been received for a minimum of two years and can be evidenced by the latest two years Sa302 or Sa100s and the corresponding TYOs.
We will also require the latest 3 months personal or business bank statements showing the holiday let income.
The declared annual income should match that of the latest years Sa302/Sa100. Where the recent trading has decreased a rationale should be provided and the annual income reflected accordingly.
Keying Tip! Holiday Let income should be entered as Self-employed income (The annual figure matching the latest years Sa302/Sa100). The property information (Address) and annual mortgage expenses should be added under the rental income section with the annual income entered as £0.