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Metro Bank has started accepting earned income to support buy-to-let applications.

Applicants must have a minimum income generated from non-property related sources of £75,000 to qualify. They will also be subject to mortgage checks to confirm affordability.

If you previously approached Metro and asked for a buy-to-let mortgage, the bank would have asked how much rent it generated. If this was not enough, it would have offered you a smaller loan size.

Aaron Strutt, product manager at Trinity Financial, says: “Even the Financial Conduct Authority is putting more pressure on buy-to-let lenders to offer less generous mortgages; the regulator is happy for personal income to be used to support the application.

“For those earning less than £75,0000 - Metro’s rental income must provide 125% cover of the mortgage interest amount calculated at the 5.5% stress rate. Metro Bank accepts first-time landlords, and it can lend above commercial properties with no limit on the number of floors.” 

Other lenders offering income top-ups

Barclays was one of the first large banks to start accepting personal income to boost buy-to-let applications, particularly since many expensive properties do not generate anywhere near enough rent to meet the tight rental income calculations.

For help to secure a buy-to-let mortgage call Trinity Financial on 020 7016 0790.

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