Can I get a BTL mortgage

dboswell

I am 65 and have no proof of income at present.

I have a 15% deposit.

Can I get a BTL mortgage? What are the typical rates?

UK007BullDog

Yes you can but you would need to look for a broker due to your age and the fact you have no income. They will be able to discuss all the lenders willing to take you on.

Just make sure you do not pay too much for their services as they will get a good commission for the sale of the mortgage plus you need to figure in the costs of Solicitor, possible Stamp Duty, Surveyor.

The rental needs to cover 130% of the interested only mortgage costs.

dunstonh

Can I ask where you see yourself benefiting from a mortgaged buy to let at your age?

You arent going to make any money on the rental income and indeed could end up making a loss.

Capital Growth isnt likely to be anywhere near what it has been over the last 10 years. Much of which occured because properties were valued well below long term average at the start but are now valued well above long term average. Plus earnings are not increasing by enough. Indeed, you could see a significant loss and not have the time to recover from that loss.

Taking on a higher risk transaction like a mortgaged buy to let at age 65 isnt what you would expect.

UK007BullDog

Absolutely agree. There are now so many repossessions as people just cannot get the rentals due to the flood of rentals on the market, to meet their mortgage payments.

I can see that the OP is trying to open up some revenue for himself, but I would suggest you speak to a couple of financial advisers as to what other avenues are available to you.