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Non status Buy To Let Mortgage

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Shortfatandbald
Shortfatandbald Posts: 4 Newbie
in Mortgages & endowments
I am looking for a non status buy to let mortgage based on the rental revenue from the property. Can someone recommend a product or provider please.
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Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Why non status?
    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.
  • Shortfatandbald
    Shortfatandbald Posts: 4 Newbie
    i dont have an income in the uk but the house is a rental property with an income
  • Shortfatandbald
    Shortfatandbald Posts: 4 Newbie
    i want to get the mortgage based on the rental income of the house
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    BTLs are predominantly based on rental income.

    There may be options for you - but you will need to be able to verify a minimum income.

    Are you a UK national? Do you have a UK property already?
    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.
  • Shortfatandbald
    Shortfatandbald Posts: 4 Newbie
    no. This is the only property i have in the uk. I am in the process of taking a job in the uk so will have an income to show soon
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    So why a BTL?

    Will you not need a place to live in?
    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.
  • Richard_MoneySaver
    Richard_MoneySaver Posts: 38 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I'm also looking for a non-status BTL mortgage. I want to buy in my home town, where I currently live. This would be a long-term investment, using my capital with a BTL to buy my first property.

    I may be moving to London shortly, and my income would be required in living in London. (I would be renting in London.) I have £80K that I could put down as a deposit.
    Where can I go to find a non-status BTL, based on likely rental return / LTV?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What is your 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.
  • Richard_MoneySaver
    Richard_MoneySaver Posts: 38 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I've got quite a low income of £12.5K. That's the main reason I'm trying to find a BTL mortgage that will be based on likely rental rather than my own income...
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    But that is how BTLs work.

    Most lenders have a minimum income - a few do not.

    It will all depend on the following:

    Are you a First Time Buyer?
    What is the property price (Deposit of £80k)
    What is the expected rental income?

    Knowing that information would help see if it is possible.
    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.
This discussion has been closed.
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