Skipton using buy-to-let rental income to increase residential loan sizes
Skipton Building Society has changed its lending policy and started accepting buy-to-let rental income to boost residential mortgage applications.
The lender has added a ‘profit from UK land & property’ option to its affordability calculator so landlords can use their buy-to-let rental income to secure larger loans. The change is useful for landlords who are not earning enough to secure a sufficent residential mortgage.
Landlords buying a new home and submitting tax returns can use 50% of the profits to secure a larger mortgage. To confirm the rental income applicants receive Skipton will want to see the last two year's SA302s and the latest bank statement showing the rental income going into the account.
Aaron Strutt, product director at Trinity Financial, says: “This is a niche bit of criteria that will help some landlords secure larger mortgage loans. Skipton has some generous policies like 100% of guaranteed bonus income mortgages, and it is taking an average of 8.95 days to produce a mortgage offer.”
Call Trinity Financial on 020 7016 0790 to secure a more generous mortgage
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