21 September 2016
From today, Wednesday 21 September, Nationwide have changed the way they calculate their Income Cover Ratio (ICR).
Currently any background let property with a mortgage is treated as self funding where the ICR is at least 125%. From today this is increased to 145%.
This means that where the rental income does not cover the 145%, any shortfall will be treated as an outgoing.
More information can be found on their website and affordability calculators have been updated.