Buy to let mortgage - lending criteria - question?

Becks045

I've just recently left my job where I was for over 7 years earning a very good salary.

I already own a few buy to let properties and have now decided to make this my full time job.

I have a decent deposit to put down on a renovation project I have viewed but when looking at lending criteria for buy-to-let mortgages you either need to be employed or if self employed (which is what I intend to do) you need to show annual accounts. Obvisouly I don't have accounts because this is going to be a new job.

Does anyone have any suggestions on lenders who will lend to somebody in this situation? Incidentially I own my own property outright so could this be taken into account therefore I don't really have any massive outgoings.

Trollfever

Speak to your bank and hope that is is not one that is already over exposed to property lending.

happybroker

commercial finance used to be the way to go on this one but banks don't want to lend if your main income is derived from property any more.

property is pretty much off the radar for all lenders just now regardless of the security on offer. Whilst there are undoubtedly some amazing buys out there just now getting the funding to buy them as a professional developer/ landlord is pretty much impossible.

sorry to be the bearer of bad news, I have spent days and days researching this for my clients over the past few months and while it seems on the face of it a good time to get in due to property prices it unfortunately isn't unless you have cash....and lots of it.