Buy to Let Help

VIGILANT22

mortgage_help wrote: »

Will they add mine & my partner's earnings together?

Yes, if it is a joint application.

mortgage_help_3

Can anyone recommend a good mortgage adviser

herbiesjp

VIGILANT22 wrote: »

Pre-recession income may not have been relevant, however now income has become more relevant for example C&G you must have a minimum income before tax (excluding rental income) of 35k, BM Solutions a minimum income of £25,000 per annum is required.

Some lenders will not lend to first time landlords, with this maze an advisor would help.

Let me qualify my statement

It is not relevant when getting the mortgage amount agreed - the mortgage amount is established by the rental income - so income multiples are not used is what I was getting at.

However, you are right that with most lenders, a minimum income is indeed required.

herbiesjp

mortgage_help wrote: »

Will they add mine & my partner's earnings together?

Different lenders have different minimum income etc.

Different criteria in fact - like for a residential mortgage, lenders work differently.

WIth your joint incomes, I'm guessing you would get a minimum income for a BTL lender - what you need to make sure is that the rental income can get you the 75% mortgage you are looking for.

VIGILANT22

herbiesjp wrote: »

Let me qualify my statement

It is not relevant when getting the mortgage amount agreed - the mortgage amount is established by the rental income - so income multiples are not used is what I was getting at.

However, you are right that with most lenders, a minimum income is indeed required.

Quote: then your income/debts will not be relevant for a BTL

herbiesjp...you wrote the above, this reads income is not relevant, when in actual fact it has indeed become very relevant and it would be pointless making an application even if your rental income was 125% of mortgage payments.....BTL criteria has changed greatly, this also includes liabilities which you also mentioned..

herbiesjp

I know exactly what I typed and my post back to you explained what I meant, which I agreed was not clear (two daughters pulling my legs does not help lol):

I'll quote my response:

so income multiples are not used is what I was getting at.

So in that respect income is not important - assuming the OP gets over the first hurdle of the minimum income

VIGILANT22

Maybe you would also like to clarify the debts (liabilities) part as well, as this is also relevant ....(however I am aware the OP is looking to debt consolidate) however for anyone else reading this, it could be misleading.......

mortgage_help_3

Will the mortgage company take into account that I would be consolidating my debt?

herbiesjp

VIGILANT22 wrote: »

Maybe you would also like to clarify the debts (liabilities) part as well, as this is also relevant ....(however I am aware the OP is looking to debt consolidate) however for anyone else reading this, it could be misleading.......

Oh dear - an AE!

My post is only aimed at the OP, and is response to their question.

There is no way my response can be misleading as it is aimed at them.

No one can post a response that would answer everbody's queries as they would be typing forever!

herbiesjp

mortgage_help wrote: »

Will the mortgage company take into account that I would be consolidating my debt?

Yes - they would ask what the funds are for.

Most are ok, some have lower limits for debt consolidation

You need to make sure the lender you go for is happy with what you want to do from the outset.