Mortgages without wage?

sinanp

Well not quite, I took a bit of a drastic career step some time ago and have finished the first part of my architecture studies, currently working in an architecture practice in Australia, planning to return to the UK around September to complete my masters (another 2 years full time studies). I purchased a flat some years ago, bought another selling the first a year later. I have savings from previous working career and flat sale and would like to potentially buy another place as a buy to let investment. My wife has been offered a place at her previous employers on £35k+ comission on our return but I sadly will be wageless again during studies.


Wondering what, if any, options might be for borrowing? I appreciate the banks are a lot more cautious about lending criteria. I could potentially raise a despoit of 20%, perhaps slightly more. I am aware of costs, solicitors, landlord safety requirements etc, but trying to fathom if there are any possibilities before speaking to a mortgage broker.



thanks

betmunch

As a BTL investment the lack of wages doesnt cause an issue. Your problem is the size of your deposit.

I doubt you will get what you need from the details in your post.

Sorry

sinanp

thanks for the response, what would you say is a typical deposit requirement for a BTL? I have the potential to raise more if necessary.

betmunch

BTL deposits start at 25%, however most BTL lenders have minimum earning requirements, I suspect you will need more like 35% deposit, but it will depend on the lender ultimately.

If you can get more than the 20%ish you said earlier I reckon a trip to your local Mortgage Advisor is in order!

Cheers

Thrugelmir

sinanp wrote: »

thanks for the response, what would you say is a typical deposit requirement for a BTL? I have the potential to raise more if necessary.

As has aleady been said, a 25% deposit is a minimum. Rental income needs to be 125% of mortgage repayment. Some lenders also now charge arrangement fees as a % of the loan.

Interest only mortgages are also becoming harder to source. With how the loan is to be repaid a key issue.

VIGILANT22

[QUOTE=Thrugelmir

Interest only mortgages are also becoming harder to source. With how the loan is to be repaid a key issue.[/QUOTE]

In the case of residential yes......... but not investment/btl ..which are non regulated...........