Buy to let mortgages are usually based on the rental income which is determined by the valuer appointed by the lender.

Product selected dictates rental cover required and calculation used. Confirmation of rental income will initially be provided on the valuation for mortgage purposes. The valuer will assess the expected rental income on an unfurnished bBasis. As a guide, we will supply the valuers with the rental figure needed to enable the applicant to have the loan required.

The property may be let under a single Assured Shorthold Tenancy or a contractual tenancy (ie company let or where annual rent is greater than £25,000) subject to the solicitor confirming that there is a written tenancy agreement which restricts the tenant from:

The fixed term must be no more than 12 months.

Multiple lets are usually unacceptable. The property must be let as a single dwelling unit ie a maximum of one tenancy agreement must be in place for ALL occupants. Any property classed as a HMO (house in multiple occupation) is unacceptable. Whilst there is no limit to the maximum number of tenants, the property must usually be occupied as a family unit (ie shared living accommodation/kitchen/bathroom etc).