Kent Reliance has announced the launch of a new income backed buy to let proposition.

The lender will now take a broader view of customer affordability using earned income to supplement the interest coverage ratio (ICR) for buy to let loans, where the rental property yield in itself does not meet minimum requirements.

Specifically tailored for non-portfolio landlords looking to borrow through a limited company arrangement or on an individual basis, the new proposition is supported with an easy to use online calculator to help assess and confirm eligibility, particularly useful for high earning individuals with low residential leverage and high yielding individual or limited company or non-portfolio landlords, where the subject property is low yielding

OneSavings Bank sales director Adrian Moloney commented: “This new, broader approach to buy to let affordability will provide additional flexibility to allow earned income to form part of the affordability assessment for a buy to let application.

High property values, particularly within London and the South East, can result in lower yields and as a result, some applicants may be refused lending, even on good quality properties. We’re looking to fix that.

“To support this product, we’ve also updated our Buy to Let calculator so brokers can immediately see if a case fits the income backed criteria prior to submission, thereby simplifying the process and enabling a faster turnaround.”

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