Buy to Let Top Slicing

Top Slicing is for clients whose rental income alone doesn’t meet standard affordability requirements. By combining rental income with personal income, Top Slicing enables your clients to borrow more than they could through Interest Cover Ratio (ICR) calculations alone. 

How it works

Top Slicing uses a blend of:

• Rental income from the Buy to Let property
• Personal income from the applicant(s)

This approach could be best for clients with strong personal finances looking to invest in a Buy to Let property but are limited by rental yield. 

Key features:

• Available on both Standard and Energy Efficient Buy to Let mortgages
• Supports purchase and remortgage applications
• Up to 75% Loan to Value (LTV)
• Maximum individual loan of £750,000
• Maximum portfolio size of 3 mortgaged Buy to Let properties per applicant across all lenders, including Bank of Ireland Group.

Criteria at a glance:

• Rental income must be at least 100% of the monthly interest due, inclusive of any product fees added to the loan. This is calculated using the relevant stress rate shown in the table:

• Minimum household income of £40,000
• Minimum property value of £100,000
• Up to a maximum of 4 applicants, all living at the same residential address, with at least 1 homeowner
• All Buy to Let properties must have an EPC rating of A-E (Scotland A-D), or A-C for Energy Efficient mortgages, before the valuation is carried out. In England and Wales, properties listed on the PRS Exemptions Register are also accepted.