We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Non status Buy To Let Mortgage
Options
Comments
-
Yes I am a FTB.
I am not looking at a specific property at present, just wondering what the formula is in determining the BTL mortgage that would be available to me given the known parameters: deposit and my own income. Once this is known, I can then begin looking at property prices and researching the likely rental incomes to see if this is viable.
Does anyone know how this works?0 -
Rental income needs to cover the mortgage payments.
Different lenders have different calculation, so no one-size-fits-all answer.
Rule of thumb - allow for 125% rental coverage.I am a Mortgage AdviserYou 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 -
Incidentally chaps, there is no such thing as 'non status' anymore (apart from with high charging small private lenders). You will need to enter income and job details even though these might not necessarily be checked.0
-
I know - that why I asked the OP what their income was
I am a Mortgage AdviserYou 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 -
I know - that why I asked the OP what their income was
Not you, I mean't the enquirers here.:p
I keep getting enquiries from people on using B2L instead of resi mortgages as they bare under the impression B2L lending is less tight, but if anything I find B2L lending to be tighter than resi. There's only a handful of B2L lenders and in my experience they want very sound and high qaulity applicants.
The rep from BM was telling me they've banned a lot of brokers recently, on the back of income checks into those self dec B2L cases. Some of those checks made after completion. SOME APPLICANTS HAD BEEN FOUND TO BE SUPPLYING THOSE INTERNET PAYSLIPS, BUT UNDERWRITERS HAVE THEM PINNED TO THE WALL AND LOOK OUT FOR CERTAIN CHARACTERISTS.0 -
The more they ban the better.
There is no place for that kind activity in the market.I am a Mortgage AdviserYou 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 -
The Mortgage Works do not require a minimum income. Rental income has to be 125% or the I/O payments and LTV is limited to 70%.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 -
Which lenders dont have minimum income requirement?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards