Changes to UK Buy to Let Lending Criteria
We have responded to industry changes to the Buy to Let market, and have made the following change to the Society’s Buy to Let criteria.
- Acceptable income must be primary allowable income, as defined within Lending Policy, and / or savings income). The minimum annual income of £20k remains unchanged. Where there are joint applicants, at least one applicant must satisfy this rule. All income must be verified
- The primary applicant is required to be an existing residential property owner.
- The minimum age of applicants has been reduced from 21 to 18 years old.
These changes are effective from Monday 28 May 2012 The packaging requirements remain unchanged at 21 days.