Updates to our Residential and Buy to Let application systems
As part of ongoing work to review and improve our systems and processes, we can confirm we have made some updates to both our Residential and Buy to Let application systems, specifically when documentation requirements are displayed.
These updates, live from today, Monday 15th November, link in with the work we have done to reduce the documentation we require to support applications and will provide greater clarity over what you need to submit helping to provide a smoother experience for you and your clients.
- Confirmation of weekly and monthly pay slip requirements
- Providing proof of rental income for background BTL / PTL properties
- Providing proof of having permanent rights to reside
- Proof of pension
Reminder – reduced documentation to support applications
- Allowances – we now only require one month’s payslip for allowances, both fixed and variable.
- Applicants paid weekly – we have reduced the number of payslips for applicants paid weekly from 13 to 5 for all types of income (13 will still be required for applicants without permanent rights to reside or residency in the UK as proof of 3 months’ employment).
- We’ve removed the standard requirement for an applicant’s latest bank statement to verify employed income for cases with 85% LTV or less. Please note: We may still request this document on certain cases at our discretion.
- For maintenance arrangements, we have reduced the documentary requirements from 12 months’ bank statements to the latest 3 months’ bank statements.
- For benefits, we have reduced the bank statements required from 3 months’ to the latest one month.
- For pensions currently being received, we will accept either:- The latest pension payslip, OR latest bank statement accompanied by either a pension statement, annuity letter or P60
- We no longer request proof of background BTL mortgage payments on BTL applications.