BTL Evidence required

wmat983

Hi guys, looking at a few BTL T&C's most just ask for last 3 payslips and P60, is this because they don't really take into account your income? All you need is the rent to cover 125% of the mortgage payments?

Residential mortgages usually ask for 3 months bank statements also?

I guess obviously you need to be earning also to cover any costs if property empty for a while?

Contemptuous

Completely depends on the individual lender's policy. Not all will require bank statements for residential mortgage applications.
Payslips and the like should be sufficient to evidence your income typically, unless you receive anything in addition to your salary (such as child benefit).

nubbins

All the BTL's mortgages I looked at required earning a minimum of 25k..

Income

• We will consider applications up to a maximum of 5 times earned income
• Single or multiple applicants: one of the applicants must have a minimum basic income of at least £30,000 per year
• Applicants with 4 or more buy to lets: a minimum income of £75,000 applies.

Please note that we require evidence of income for all applications.

vectistim

You somehow managed to miss the major players then if those are the criteria you found.