We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buy to Let - Income proof needed?
uk_messer
Posts: 224 Forumite
Hi All,
On a buy to let mortgage what level of personal income is needed to show aside from the rental income?
On a buy to let mortgage what level of personal income is needed to show aside from the rental income?
0
Comments
-
Which lender are you using?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
-
No specific lender. I've called around and it appears they want a minimum of 35k for a buy to let mortgage.
I find it absolutely ridiculous that someone with good credit and property (paid for) worth far more than they want to borrow can't get a mortgage because of their regular wage. While someone with no assets and a 35k wage (eventhough they may spend 34k of that every year) can.0 -
http://www.themortgageworks.co.uk/content/home/Rental income
Houses in Multiple Occupation*
150%
All other products
125%
Fixed rates up to and including 75% LTV: Based on product pay rate or 4.99%, whichever is higher.
Fixed rates above 75% LTV: Based on product pay rate or 5.99%, whichever is higher.
Tracker rates: Based on product pay rate +0.5% or 4.99%, whichever is higher.
Step Down Tracker rates: Based on the highest year pay rate + 0.5 or 4.99% whichever is higher.
Variable rates: Based on pay rate + 0.50% or 4.99%, whichever is higher.
Conventional income multiples are not used. The valuer must confirm that actual gross monthly rent (based upon unfurnished figure) conforms to the rental income ratio using a monthly interest only calculation.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It does vary a lot.
Some lenders like TMW don't need a minimum income.
MOST lenders do though and this can be anywhere between £20k and £40k.
You're best off speaking to a broker who'll know the criteria for each lender.0 -
Why are you trying to get a buy-to-let mortgage if you own your own house outright and it's worth far more than the BTL you plan to buy? Just get a residential mortgage on your own house and use the money to buy the BTL - a residential mortgage will cost far less than a BTL one.0
-
Why are you trying to get a buy-to-let mortgage if you own your own house outright and it's worth far more than the BTL you plan to buy? Just get a residential mortgage on your own house and use the money to buy the BTL - a residential mortgage will cost far less than a BTL one.
Is that not called an Equity loan or something?0 -
No, its called a re-mortgage.
Your re-mortgaging your property in order to free up some cash...doesnt matter what the cash is for. It could be a wedding, a trip to the moon or indeed a BTL property. It will be much cheaper and easier to obtain.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 -
No, its called a re-mortgage.
Your re-mortgaging your property in order to free up some cash...doesnt matter what the cash is for. It could be a wedding, a trip to the moon or indeed a BTL property. It will be much cheaper and easier to obtain.
You will need an income to justify that on a resi mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards