We have a deep understanding of the financial positions of international customers. Our experienced team of Business Development Managers will personally assess each proposal you submit on merit before it is presented for an underwriting decision.
When assessing affordability for Buy to Live mortgages, we use your customer’s net disposable income. We require a full understanding of committed costs such as existing mortgage costs, hire purchase, rent, school fees and private pension as well as general living costs. We can also include cash, bonus, commission income and other income that can be evidenced.
For Buy to Let mortgages, we assess affordability based on net disposable income and rental income. For Foreign nationals without UK residential qualifications we require a minimum 100% rental coverage assessed at our sensitized rate of interest pass affordability.
Where income is tax free we will use actual income received including guaranteed allowances such as housing, school fees and cost of living allowance.
- We will discount income that is not earned in Pounds Sterling by 10% to reflect currency fluctuation
- We will consider the impact of interest rate increases
You will find more information about the types of income that we can consider and how you can evidence these in our Lending Criteria A to Z.
Portfolio landlords (Buy to Let customer with 4 to 10 properties)
If your customer owns 4 or more mortgaged or unencumbered Buy to Let properties, or currently has 3 and is looking to buy a 4th we will treat them as a Portfolio landlord.
When we consider Buy to Let mortgages for Portfolio landlords we will undertake an additional level of credit assessment and supplement the information provided in your customer’s mortgage application. We will be unable to progress your customers application until we have this information.