Intermediary News

Buy-to-Let minimum income introduced

From today, for all Buy-to-Let (BTL) applications, regardless of property type, at least one applicant must earn a minimum income of £18,000 per annum.

Any DIPs within their validity period of 30 days will be honoured and can be converted to an application on their current T&Cs. Once the validity period of a DIP has expired, if an application has not been fully packaged, signed by the applicant(s) and had the application fee paid, it will not be able to proceed. Where there is a change of property request and a valuation has already been carried out, a new application will need to be submitted again subject to the new T&Cs.

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