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Consumer Buy to Let

23/08/2017

Rental Cover & Affordability

  • Gross rental income must cover the mortgage payment (calculated at the Society’s BTL stressed rate on an interest only basis) by a minimum of 145%, calculated after assuming no void periods after taking into account any other borrowings. Evidence of actual or anticipated rental income is obtained by reference to a mortgage valuation report. Rental income declared will be compared to the estimated rental figure provided on the valuation report and the lower of the two will be used to assess the 145% coverage