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BTL mortgage with low personal income?
RS-Eleven
Posts: 29 Forumite
I was looking into buy to let mortgages and it seems that some (all?) lenders require you to have quite a high seperate personal income in order to give you a buy to let mortgage, even if the rental income would easily cover the mortgage costs.
Am I correct in thinking that or are there some that lend just on potential rental income?
Am I correct in thinking that or are there some that lend just on potential rental income?
0
Comments
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this is because the property isn't always going to rented out. Do you have an employed income of your own?Happily an ex mortgage broker!0
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you would have to be able to cover the mortgage payments if and when the property is not rented out, so your income would have to reflect this...
think you will need a fairly high deposit too..0 -
Call a few brokers (moneycentre, RTL mortgages, NLA mortgages ) and see what they say..
Remember, each & every mortgae broker is a lying, cheating cr**k!!!
Cheers!
Lodger0 -
There are a few lenders that don't require a minimum income. A good broker would know these so all you need to do is find one (a good broker that is).0
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The Mortgage Works do not require you to have a minimum income.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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