buy to let minimum income?

angelsmomma

I have just got a mortgage through a broker with a much smaller income and my tax credits were taken into account. The fees were hefty but it went through no problem. The rental income on this was also 200% of the mortgage payment.

payless

Assume K means The Mortgage Works

Brodiebobs

payless wrote: »

Assume K means The Mortgage Works

ah thanks actually heard of them, looks like i'll be better off going to a broker.

Thrugelmir

Brodiebobs wrote: »

We cant see one really, slow selling market here, some exceptionally cheap houses and a really strong rental market.

Then you have to ask yourself why people would pay twice the mortgage cost to rent.

Brodiebobs

Thrugelmir wrote: »

Then you have to ask yourself why people would pay twice the mortgage cost to rent.

Because theres high unemployment/low wages/high deposits needed so people cant get mortgages?

I'm not fussy about renting to DSS as i know its inevitable where we live and the market were looking at in that area, we also kind of have a couple of people in the low wage/no deposit bracket who want to let if we get somewhere. And i know they downside of this but the property will be more than likely through an agency, with as many checks as needed to be done, and we have a contingency fund if the worst was to happen.

Like i said we've thought it through and can evidence rents in the area, for clarification the mortgage would only be around 30k (if not less) so double the mortgage payment will be around £400 a month rent so not excessively expensive.

Thrugelmir

Brodiebobs wrote: »

Because theres high unemployment/low wages/high deposits needed so people cant get mortgages?

Then I would take the view that property prices are to high in the medium term. The mortgage market is reverting back an to era pre credit boom.

Brodiebobs

Thrugelmir wrote: »

Then I would take the view that property prices are to high in the medium term. The mortgage market is reverting back an to era pre credit boom.

this house is in an area we lived we paid £65,000 for a similar house in 2003, its on for £40,000... TBH i dont think they can get much lower, and at that price, with our deposit and almost guarenteed rental im prepared to take the risk.

I understand your entitled to your opinion.

GMS

Brodiebobs wrote: »

this house is in an area we lived we paid £65,000 for a similar house in 2003, its on for £40,000... TBH i dont think they can get much lower, and at that price, with our deposit and almost guarenteed rental im prepared to take the risk.

I understand your entitled to your opinion.

You will not get a Buy to Let mortgage with The Mortgage Works on a 40k property. Below their minimum valuation.

holly_hobby

koexelek wrote: »

The Mortgage Business ( part of Nationwide) do not have a minimum income requirement either.

As stated would guess, that Koexelek actually means The Mortgage Works (link re TMW BTL criteria for your info - http://www.themortgageworks.co.uk/content/lendingcriteria/#btl )

As The Mortgage Business (TMB) even when active, were not and never part of Nationwide BS -their specallist/niche lending arm was UCB.

TMB were a specialist lender of BOS, and became part of the HBOS group - although they retained their base in Chester.

Hope this helps

Holly

mrstaypuft

There are quite a few lenders that will not lend to me for a BTL as I earn just under 25K and some remove any debts that you have apart from your main mortgage from your income total.

I thought I would be a fairly low risk as I own the rental I have outright and want to raise about 40K against its 140K equity to clear my debts and build onto my home but do not fit the lending criteria for quite a few lenders due to my income.