BTL mortgage with low personal income?

RS-Eleven

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?

happybroker

this is because the property isn't always going to rented out. Do you have an employed income of your own?

Tuscan

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..

theartfullodger

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!

Lodger

Leon_W

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).

MBM

The Mortgage Works do not require you to have a minimum income.