The new Retained Properties Form replaces the intermediary lender’s Rental Income Form and has been introduced after feedback from intermediaries.
AFI said the form should be used for all mortgage applications where there will be a retained property in the background, including let properties, second homes, holiday homes, and properties occupied by dependent relatives, whether mortgaged or mortgage-free.
The new Retained Properties Form is designed to accurately calculate AFI’s view of the monthly costs for each retained property, and where any of those properties are let, how much additional income could be used when assessing affordability.
It also highlights key areas of lending policy based on the client’s circumstances and includes help-text on what needs to be input in each field.
The form, which can be found on the AFI website, can be printed and saved as a PDF.
Miguel Sard, managing director of Abbey for Intermediaries, (pictured) said: “We want to make it as straightforward as possible for intermediaries to place their cases with us and we are pleased to introduce this form in direct response to feedback from our intermediary partners.”
