BTL mortgage if unemployed

modrup

I'm looking to build a Buy to Let portfolio to generate a healthy monthly income.
I'm currently unemployed but have substantial deposit funds.
Can I get a Buy to Let mortgage now, or only if I have a job? I understand there may be some lenders, eg TMW, who do not require you to have a job? If I do have to have a job what's the minimum salary that would enable me to get a Buy to Let mortgage?

somethingcorporate

For many lenders it is £25k.

Your best bet for a complicated situation is go and see a(n independent) broker.

Dave_Ham

TMW are one, there are potentially others.

As suggested, most of the buy to let lenders deal exclusively with brokers.

Minimum incomes also vary hugely, some are £15k, some £20k, some £25k and a couple of £50k.

If you were going down the self employed route, many have minimum of 2 years self employed for income purposes.

GMS

Would your substantial deposit be sufficient to purchase 1 or more for cash, given that you stated you wanted a portfolio.

If so do it that way intially then look at refinancing at a later date.

Definitely one for a broker this.

modrup

GMS wrote: »

Would your substantial deposit be sufficient to purchase 1 or more for cash, given that you stated you wanted a portfolio.

If so do it that way intially then look at refinancing at a later date.

Definitely one for a broker this.

Thanks GMS but as I want to build a portfolio of at least 3 properties this isn't an option, and buying cash wouldn't give me the yield/monthly profit I'm looking for.

Conrad

If your'e a home owner then yes TMW, Ipswich BS and others can consider. Arrange your own buildings insurance as this will be cheaper than via a broker (this is a money saving site afterall, and the reason people come here - they aren't here to be harvested by brokers).

modrup

Conrad wrote: »

If your'e a home owner then yes TMW, Ipswich BS and others can consider. Arrange your own buildings insurance as this will be cheaper than via a broker (this is a money saving site afterall, and the reason people come here - they aren't here to be harvested by brokers).

Thanks Conrad, I am a homeowner but I'm currently renting out the property and not living in it, does that make a difference?

GMS

Ipswich have a minimum income of 25k so that's out.

TMW reserve the right to verify income and you must still be honest on the application. With no income they are unlikely to approve a loan as how would you cover rental voids etc? You have savings but this will be their question.

Who is your current mortgage with? Is it a Buy to Let mortgage or on consent?

modrup

GMS wrote: »

Ipswich have a minimum income of 25k so that's out.

TMW reserve the right to verify income and you must still be honest on the application. With no income they are unlikely to approve a loan as how would you cover rental voids etc? You have savings but this will be their question.

Who is your current mortgage with? Is it a Buy to Let mortgage or on consent?

The mortgage is with Nationwide and it's on consent. Thanks for your advice.

modrup

Does anyone on the forum have experience of trying to get a BTL mortgage when unemployed?

GMS

You need to speak to a broker as there are many BTL mortgages exclusively through them.