Mortgage - small income - buy to let

Zombies

Hi all

I am looking to buy another property.
I want to mortgage the house I live in that is paid for to put towards the other property.
I am self employed, part time.

Is it possible to get a buy to let mortgage these days with little income and basing the repayments on the rent I get?

Yorkie1

Are you intending to live in the new property or rent it out? I am not an expert but thought you wouldn't be able to take out a BTL on your existing property if you intend to continue living in it and rent out the new property.

BTL mortgages are often based on rental income. From previous posts, I recall that you often need 25% deposit and the rental income needs to be about 125% of the mortgage costs.

Also, you will need to have accounts to base your mortgage application on. Do you have any and, if so, for how many years?

Others will answer more precisely I'm sure, in due course.

Zombies

Thanks for the reply

I intend on renting out the property I will be mortgaging.

Self employed for one year.

Going off a mortgage calculator I will be within 150-160% of the rental

I will be borrowing about 70% of the value