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New Income Backed BTL affordability proposition

Our underwriting process will now take a broader view of customer affordability through earned income

Income backed calculator 

Our Income Backed Buy to Let proposition is aimed specifically towards non-portfolio landlords (those with less than four mortgaged Buy to Let properties on completion of the new application) applying in their personal name or via a limited company.

The proposition is supported with an easy-to-use online calculator to help assess and confirm eligibility. The new calculator has been created to meet the needs of high earning individuals with low residential leverage.

Our underwriting process will take a broader view of customer affordability through earned income to supplement the Interest Coverage Ratio (ICR) for Buy to Let loans, where the rental property yield in itself does not meet minimum requirements.

Non-Portfolio Income Backed Buy-to-Let Criteria

Where rental income does not meet the minimum stressed ICR, other earned income can be used to support the shortfall. Subject to:

  • The maximum LTV is 75% for Non-portfolio landlords
  • Self-employed applicants must have traded with a minimum of two year’s finalised income
  • Any background BTL property income cannot support the mortgage application with no income evidence for this rental income required
  • Residential mortgage payments proven via the credit bureau, mortgage statement or bank statements clearly identifying the mortgage payments
  • Available to those that currently hold a mortgage including first time landlords who are residential homeowners
  • Available for standard and specialist BTL property types
  • Expatriate borrowers are not acceptable.
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krbs, Kent Reliance Banking Services and Kent Reliance are trading names of OneSavings Bank plc. Registered in England and Wales (company number 7312896). Registered office: Reliance House, Sun Pier, Chatham, Kent, ME4 4ET. OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). We subscribe to the Financial Services Compensation Scheme and the Financial Ombudsman Service.