Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Kent Reliance Buy to Let have withdrawn their minimum income criteria of £25,000 even for 85% Loan to Value.
However this does not mean there is no criteria as a borrower would have to demonstrate a “reasonable” income and be able to prove it with payslips or 3 years accounts if self employed ie this is not non status.
It does mean that if an application stacks up on rental income and the borrower looks like they will be able to afford their ongoing commitments then Kent Reliance will consider the mortgage rather than just declining straight away as before if income was even £1 below 25,000.
To get figures and check how much you can borrow on Kent Reliance Buy to Let 85% LTV products you can use our Mortgage Calculator and quote engine.
Andrew Ferguson who is Head of Sales and Distribution for Kent Reliance, said “we have become increasingly confident in the BTL sector and having examined the way in which our book has performed, allied to the growing evidence of the strength of the rental market, we felt that insistence on a minimum income requirement was becoming less and less relevant as a measure of affordability. We shall however keep it under review.”
85% LTV Products:
The amount you can borrow on both of the above products is Stress Tested at 125% interest cover on a Notional rate of 5%. In short that means you can borrow 192 times the monthly rental income.
If you require any assistance with a Buy to Let mortgage or any type of property finance just give us a call on 01603 489118 or email: firstname.lastname@example.org if we can’t get to the phone straight away and we are always happy to help or know someone who can 🙂
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