Aldermore are one of the most generous lenders on the market and can lend up to 5.5x income for individuals or joint clients with an allowable income of at least £50,000.
They are also much more lenient on credit blips than the main high street lenders, for example, they are happy to consider applicants that have had communications defaults and all defaults registered over three years ago, as well as self employed applicants who have taken government grants or bounce back loans.
Speak to your adviser today for further informaion.
Could “Top Slicing” could help your landlords with low rental yield?
Lenders such as Barclays and Precise have a “Top Slicing” proposition on which allows landlords to use their surplus personal income as well as the rental income when calculating the affordability and maximum loan amount available for the property. Although the LTV on Buy-To-Let tends to restrict the borrowing to 75%-80%, the top slicing could help those landlords, who have a low rental yield but higher valued properties and disposable income, to maximise their borrowing on the investment property.
Precise offer it on both personal and limited company BTL’s as an optional additonal borrowing assessment if the affordability is not met from the rental income, which includes using any personal disposable income as well as any surplus rental if available from their portfolio where other BTL properties are owned.
Whereas Barclays have included it within their standard BTL policy, with their rental affordability calculator fully assessing all BTL clients full income and outgoings, including any debts, any residenal mortgages, to provide their maximum loan amount. Barclays can take up to 4 applicants personal income and outgoings along with the propertes rental income for the BTL loan affordability.
