Where income from property represents an customer’s primary source of income (i.e., where 50% or more of overall income is derived from properties), the customer is considered to be self-employed.

Income from holiday lets is acceptable where it has been received for a minimum of two years.

The declared annual income should match that of the latest years SA302 or SA100. Where recent trading has decreased, a rationale should be provided and the annual income should reflect this decrease accordingly.

Packaging guidance:

• Latest two years’ tax calculations or SA100s and the corresponding tax year overviews(TYOs)
• Latest 3 months’ personal or business bank statements showing the holiday let income

Holiday let income should be entered as self-employed income with the annual figure matching the latest years SA302/SA100. The property information, such as the address, and annual mortgage expenses should be added under the rental income section with the annual income entered as £0.