The information contained
on this page is by no means an exhaustive or comprehensive list
of criteria and is only intended to be a general indicator of generic
Lenders typically will lend up to 75% of the value or purchase
price (whichever is the lower) of the property.
The rental income of the property is the figure that the surveyor
provides to the lender and is based upon his assessment of the
likely rental income achievable. Surveyors tend to be more pessimistic
than letting agents when it comes to achievable rent.
The figure provided would need to cover the monthly interest payment
by 140%. This is based upon an interest rate of around 5.49% generally for self funding assessment purposes.
Lenders do have differing criteria and some may use different rates for assessment
Lenders may or may not require any proof of personal income and
they may have minimum income requirements.
Your home may be repossessed if you do not keep up repayments on your mortgage.
g2m The Mortgage House is an Appointed Representative of Mortgage Intelligence which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage and insurance mediation activities only.