Packaging & criteria

Rental income

Where income from property represents an customer’s primary source of income (i.e., where 50% or more of overall income is derived from rental properties), this will be treated as self-employment.

In cases where the rental income makes up less than 50% of the customer's total income, we will include the income as long as it can be evidenced clearly by the latest 3 months’ bank statements.

Key the full amount and we will weight it at 83%.

We will require the following for each of the rental properties:

  • Address of property
  • Outstanding mortgage balance
  • Total annual rental income
  • Total annual mortgage repayment

Where there are other associated costs relating to the property, such as management fees, they must also be declared or offset against the income.

Box

Packaging guidance:

Under 50% of applicant's income:

  • Full property details as described above
  • Latest 3 months bank statements showing rental income

Over 50% of applicant' income: Please see self employed for document requirements