TOP SLICING FOR BTL MORTGAGES

Do you have a potential rental shortfall which could prevent you obtaining a Buy to Let mortgage?

 

HAVE YOU HEARD OF TOP-SLICING WHEN IT COMES TO BUY TO LET MORTGAGES?

TOP SLICING IS WHERE A LENDER WILL ACCEPT SURPLUS INCOME TO COVER ANY RENTAL SHORTFALL

TOP SLICING FOR BTL MORTGAGES

  • Allows applicants to utilise surplus personal earned income to support their BTL application
  • Top-slicing must be evidenced by income and expenditure – minimum individual income on these applications is £50,000 for single, or £75,000 on joint incomes
  • Up to maximum of 4 applicants considered Rental income (including any top-slicing) must provide 140% cover of the mortgage interest amount calculated at a 5.5% stress rate.
  • Surplus earned income can be considered where the rental income is equal to, or greater than 100% cover of the mortgage interest amount calculated at the lenders 5.5% stress rate.
  • Max age at the end of the term is 80
  • Consumer Buy to Let also available

FOR FULL DETAILS CONTACT BRIAN @ MM MORTGAGES ON 07850 435220 (Quote Just Do Property for the best rates)

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

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