Complete FS, which has seen a surge of business in the past two years, warned that rising property prices and a demand for rental property could lead to some clients being wrongly excluded from gaining funding.
Tony Salentino, director of Complete FS, said: “Lenders like Kent Reliance and Birmingham Midshires have sensibly dropped the income requirement, but the majority are still clinging to a demand which has become as useful as the human appendix.
“The property market has moved on in five years and while lenders need to exercise due care with every application, this is becoming more and more of an anomaly, when the most important calculation is affordability based on rental income. It is definitely time for a wholesale change of heart.”
Private sector properties delivered an average total return of 11.3% in 2013, according to recent figures from Knight Frank.