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Buy to Let Mortgage

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Angelselondon
Angelselondon Posts: 267 Forumite
in Mortgage-free wannabe
Does anyone know if you have to own a property before you can apply for a buy to let mortgage on another property.

Thanks
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Comments

  • Madam_Ra
    Madam_Ra Posts: 123 Forumite
    I'm pretty sure you don't have to own a property to start with.. my hubby was looking into doing this and our mortgage is only in my name and so he was going to buy to let in his name... he went to see a specialist mortgage advisor but I'm sure you can!

    I'm sure someone else will pop online and give you more details. but just a quick - yes you can!

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  • painted_lady
    painted_lady Posts: 1,020 Forumite
    500 Posts
    Yes, as long as you have the deposit (usually higher than a typicl mortgage, about 15 - 20%) and the rental income will cover the mortgage, then its OK.
  • barneystuta
    barneystuta Posts: 36 Forumite
    painted_lady wrote:
    Yes, as long as you have the deposit (usually higher than a typicl mortgage, about 15 - 20%) and the rental income will cover the mortgage, then its OK.

    ^

    Spot on. Minimum is 15%. And you must be over the age of 21. And also you must have ANOTHER source of income (Min of £10,000). Then you can get a BTL on any property, on any value, as long as the rental income covers the mortgage.
  • imoneyop
    imoneyop Posts: 970 Forumite
    It actually depends on the lender. I took one out recently with Mortgage Express and they stipulated that you have to have proof that you've had a mortgage in the last 5 years.
  • MortgagesInc
    MortgagesInc Posts: 156 Forumite
    There are certian lenders that don't require a current residential mortgage, and don't require any minimum income, it all depends on your individual circumstances
    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.
  • tiz
    tiz Posts: 107 Forumite
    I took out a buy-to-let mortgage last year as a first time buyer.

    Age - Some lenders have a minimum age of 25. It took us awhile to find a lender as I'm under 25 and I wanted it jointly with my sister (under 21).
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