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Top Slicing for BTL mortgages from Metro Bank

21 February 2017

Metrobank

Great News!  Metro Bank have made a change to their top slicing criteria with effect from today… 

The minimum individual income on these applications  has now been reduced to being £50,000 for a single applicant or £75,000 on joint incomes. 

Do you have customers with a potential rental shortfall? 

At Metro Bank they offer you the opportunity to Top Slice –  this allows applicants to utilise surplus personal earned income to support their BTL application 

Key Facts to support you on top slicing: 

  • Top-slicing must be evidenced by income and expenditure - minimum individual income on these applications is £50,000 for single, or £75,000 on joint incomes
     
  • Up to maximum of 4 applicants considered
     
  • Rental income (including any top-slicing) must provide 140% cover of the mortgage interest amount calculated at Metro Bank’s 5.5% stress rate.
     
  • Surplus earned income can be considered where the rental income is equal to, or greater than 100% cover of the mortgage interest amount calculated at Metro Bank’s 5.5% stress rate.
     
  • Max age at the end of the term is 80

Full details can be found on their website.


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