buy to let minimum income?
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The issue in your situation, is income and the remortgage of an unencumbered property.
Ipswich as already mentioned don't have the traditional minimum income requirement, appear to allow unencumbered properties, minimum BTL loan is 50k (although it is 25k (inc any existing mge) for domestic equity raising for debt consolodaton/cap raising).
The Mortgage Works - again as mentioned no min income, appear to accept unencumbered BTL remorgage business & have a min loan of 25k - you may want to give them a try.
Hope this helps
Holly0 -
Also worth noting if you do have minor adverse credit that Aldermore mortgages have recently removed their minimum income limit.
Used to be £25,000 and is now £0. 85% LTV max I do believe.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 -
Aldermore will not accept adverse credit for Buy to Let products. The minimum income requirement being removed only applies to experienced landlords. 75% LTV max.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
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thanks again guys lots to look into, think i'll see a broker as it think its all a bit confusing to try do ourselves!!
I needed some honest advice and i definately got some!!0 -
You have a few issues here.
Minimum income for many is 25k as you know.
Property valued at 40k will be below minimum valuation for many lenders
You say you will rent to DSS. Not many lenders allow this.
A broker would definitely be worth a call for you. Could save you a whole load of searching and/or banging head against wall!!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 -
yeah as i said i think we will see a broker, didnt know there was minimum lending what is this usually? also didnt know some providers didnt allow DSS either!?
majority of the market round here is Housing allowance either full or just top up, so there must be many that do allow it.
Thanks again though, its all a learning curve.0 -
The Mortgage Works have been mentioned in the thread. Their minimum valuation is 50k so a 40k property would not be suitable security for them.
DSS not allowed with them either
The income is your first hurdle, then the property value, then the DSS.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 will be interested to know how this goes, brodie.Please do not confuse me with other gratefulsforhelp. x0
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You could have a look towards our Welsh friends at The Principality.
Minimum income is £20k and loan size is £25,001.
Do have a look through a broker though as sometimes they have a couple of exclusives available which you can't get direct. There are also a couple of features that can catch people out with their mortgages such as interest only with NO overpayment facility. It's worth having these pointed out to ensure you know what you are in for. I'm not sure what the current LTV limits are but they are usually on the low side so this point could now catch you out. Not easy this mortgage lark at the moment !
Generally on the whole though a lender I like dealing with.0
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