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Buy to Let Mortgages help required.
LetsDance
Posts: 4 Newbie
Hello
We are hoping to purchase a property to rent out. We have a deposit which would mean a LTV of 60%. I've also worked out that we would get a rental income of 125%+ based on a 5% mortgage rate.
Can someone please explain what mortgage lenders take into account when making a decision. For example, my OH just started a business and is probably just breaking even and I have a loan and a couple of credit cards. Are these taken into account?
Thank you.
We are hoping to purchase a property to rent out. We have a deposit which would mean a LTV of 60%. I've also worked out that we would get a rental income of 125%+ based on a 5% mortgage rate.
Can someone please explain what mortgage lenders take into account when making a decision. For example, my OH just started a business and is probably just breaking even and I have a loan and a couple of credit cards. Are these taken into account?
Thank you.
0
Comments
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do you work? some lenders have an income requirement of £25k+ for BTL0
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Yes my salary is £30,000. plus I sometimes earn an extra £200+ per month from consultancy work. We also recently inherited a property of which we will be getting £400 per month starting February.0
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