buy to let question

fatboy88

Hi,
I wanted to know if you can remortgage on a buy to let if you are unemployed.
My wife sold her business last year and we have just had a baby. She isn't planning to work for a few years.
She has currently a ltv of 45%. Was looking at an offset if possible.

Thanks

Thrugelmir

Majority of BTL lenders require a minimum income. Starting at £20k with some considerably higher.

Little point in offsetting a BTL mortgage. As the interest is tax deductible against the rental income.

Hope you are declaring the income. As HMRC is actively targeting property letting now.

Dave_Ham

She can, but as said above many have a minimum income threshold.

What rate is she currently achieving?

fatboy88

Think she's on 4.95 at the moment. She's with bank of scotland who dont do mortgages anymore so can't even switch. As her yearly income is about £3000 from interest.
She declares all the rent but its empty at the moment haven't had time to Sort things out whilst having the baby and her having complications.
She can pay off the mortgage but wanted to keep money available to purchase a commercial property to rent when we find one.

Dave_Ham

Given the information provided, it will be touch and go that she will get better and certainly not much better.

Good luck with the little one