Precise targeting buy-to-let landlords with income top-up mortgage
Precise Mortgages has started accepting personal income as a way of boosting maximum buy-to-let loan sizes.
The specialist buy-to-let lender will use the applicant's salary to support a rental shortfall above an interest calculation rate of 110% calculated at the pay rate. It helps some landlords bridge the gap between the property’s rental income and the rent required to secure a large enough loan.
The criteria is available for purchase and remortgages, including capital raising, and there are no restrictions on product selection. The mortgage is available to landlords with three or less buy-to-let mortgaged properties, and it is ideal for higher value homes with lower rental yields.
The mortgage must be on interest-only, and all existing credit commitments will be taken into consideration when completing the affordability assessment.
Aaron Strutt, product director at Trinity Financial, says: “More of the lenders are starting to take personal income to provide larger mortgage buy-to-let loans. It helps some landlords to borrow more money, so they qualify for the loan they require.
“HMO and limited company applications are not eligible for income supported buy-to-let mortgages through Precise.”
Call Trinity Financial on 020 7016 0790 to use your income to secure a larger buy-to-let mortgage
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