The new minimum income requirement for landlords will be at least £45,000, but that includes income from rental properties with supporting evidence. This was £20,000 previously, but excluded rental income.
Skipton said the majority of its existing criteria remained the same, including a cap on landlord portfolios of 10 properties in total with a limit of up to five mortgages with the lender.
The fourth largest mutual confirmed it will share full details of documentation changes and business plans next month, ahead of the deadline on 30 September.
The changes mean landlord with four mortgaged-properties or over will be assessed differently to landlords holding fewer properties.
Business as usual
Paul Darwin, Skipton’s director of intermediary lending, (pictured) said: “While being mindful of these new rules, this is very much business as usual for us.
“Skipton has been active in the buy-to-let market for many years and we recognise the amount of changes landlords have had to manage; from changes to income tax, stamp duty, affordability, underwriting, not to mention the new EPC changes for landlords from spring next year,” he added.
He added the lender wanted its broker partners and landlords to have all the support they can from the lender.
This is a 20.7% increase on the £1.9bn in the same period last year, despite the disposal of a £220m mortgage portfolio of non-performing loans, resulting in a £15m loss.
Skipton is the first and to date only, financial services provider to launch a Cash Lifetime ISA, helping 28,000 people from 6 June to the 18 July 2017 to save for their first home or longer term financial needs.