SfI reveals self-employed BTL lending criteria

SFI now considers Buy to Let applications from self-employed landlords who will have:

- A maximum of seven Buy to Let properties on completion of the new mortgage;

- A maximum of five Buy to Let properties mortgaged with Santander on completion of the new mortgage;

- A minimum of one and a maximum of ten secured credit commitments at the time of application.

At least one applicant must be employed or self-employed earning a minimum basic gross salary/taxable income of £50,000 per annum where an applicant will have five or more Buy to Let properties on completion or five or more secured credit commitments at application.

Where an applicant has four or less Buy to Let properties on completion or four or less secured credit commitments at application, the criteria remains the same with at least one applicant in employment (full or self-employed) earning a minimum basic gross salary/taxable income of £25,000 p.a.

In addition, self-employed applicants must produce either the latest Self Assessment Tax Calculation forms (SA302s) covering a minimum of 12 trading months (the most recent year-end must not be more than 18 months old); or final accounts signed by a suitably qualified accountant.

Brad Fordham, Managing Director for Santander for Intermediaries said:

“These latest improvements to our criteria, opening up our highly competitive Buy to Let product range to self-employed landlords, demonstrates our continued commitment to the growing But to Let sector. We want to offer intermediaries and their Buy to Let clients a choice of good value products and will continue to review our Buy to Let criteria to ensure we’re offering their clients the best product for their current and future needs.”