Buy To Let Calculator
How much rental cover is required?
Use this calculator as a guide to how much Rental Cover and monthly rental income your client needs for our Buy To Let mortgages. The Rental Cover amount shown is the minimum monthly rent your client must receive for the property.
This calculator is for illustration purposes only. You need to complete a full application before we can make a final lending decision.
Enter your client's details and click on 'Calculate Results' to see the Rental Cover required.
Please note:
1. We can provide mortgages for new build houses up to 65% LTV (we won't for new build flats).
2. Additional restrictions apply to New Build properties in certain locations.
3. Please contact us if the Annual Rent exceeds £25,000.
4. Calculations are based on an Interest Only basis.
5. If you want to apply for one of our mortgages, please complete an online Decision In Principle now.
Your client can supplement the monthly rent using our "Top Slice" option
We are able to offer 'top slicing' if the monthly rental income will not cover the loan amount. This means we'll assess the case based on your clients income and commitments as well as the monthly rental income. Where there is a rental shortfall, your client can make up the shortfall using other income subject to the following:
- Minimum of 85% of the required rental must be serviced by the Buy to Let property in question.
- Applicant must be a home owner with good conduct on residential mortgage. If this is mortgage free, please refer.
- Full Income verification is required.
- All borrowing (secured & unsecured) must be declared and will be used as part of the Income Multiple / Affordability calculations - based on £20k income after deduction of other regular commitments.
- The rental shortfall can be made up by an amount equal to (but not greater than) the difference between the applicants’ residential mortgage and the amount calculated as 4+1 or 3.25 x joint income multiple (3.5 x if joint income exceeds £35,000).
- Maximum LTV ratio is 80%.