It’s not uncommon to have an outbuilding that’s been converted into living accommodation. That's why we don't shy away from lending on an annex.
... we've got your back!
We consider your client's surplus income as well if the ICR doesn't work (top slice)!
Find out how much your client could borrow by using our handy buy-to-let calculator.
The other bits:
- We accept buy-to-let family occupied, regulated, consumer, limited company and expat
- We work with a rental coverage of 135% at 5.75%. We also look at the applicant’s financial situation and can take surplus income into account if the rental coverage doesn’t work
- For basic rate tax payers we use a rental coverage of 125% at 5.75%
- We usually require the applicant(s) to have a minimum income of £30,000. Talk to us if your client has a credit worthy case where income is below this level
- Properties must be located in the following post code areas; AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT, LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR. In addition, we can consider properties in the following London postcodes, but they are restricted to 60% loan to value and exclude holiday-lets: WC, EC, E, SE, N, NW, W and SW
- No credit scoring - all cases are assessed on individual merit
- Tailored underwriting and each case individually considered
- All types of income are considered
- A dedicated helpdesk open Monday to Friday, 9am - 5pm
For further information, contact us.