Skipton Building Society will now allow clients to use 100 per cent of their rental income for affordability assessments when applying for residential and standard buy-to-let mortgages.
This is an increase from the previous limit of 50 per cent of that income.
Additionally, the mutual has raised the maximum loan to value (LTV) limit for let to buy lending to 95 per cent for onward residential purchases. This was previously 90 per cent.
Karen Appleton, head of new lending at Skipton Building Society, said house price and base rate increases had “squeezed” many mortgage clients, making it difficult for them to meet the affordability requirements of many lenders.
She added: “We recognise the value of a buy-to-let income, so we’re pleased to tell you that we now accept 100 per cent of rental income, and we’ve removed the LTV cap on a background buy-to-let where the onward residential is coming to Skipton.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
