Getting mortgage after career break

Gary123456790

Sounds like its best to talk to a broker, if someone names a lender from limited information, you're likely to just end up with a credit search against your name and later find the lender is not suitable.

Brokers would ask you a lot of questions and ensure the lender is a good fit for your situation.

It wasnt totally clear from your posts whether you intended to let out the property straight away or if that was the long term plan and would live in it first?

Thanks,

Gary.

penwise

Thanks for the reply Gary.

I was going to let it out straight away

Gary123456790

OK you would need a BTL mortgage, which will need 25% deposit, have high fees and a high (compare to residential) interest rate.

Why the rush? If you're not going to live in it, save for the first 6 months of being back to work.

You dont want to find you no longer like being a civil servant but have a new BTL with no tenant or other problem that forces you to work.

Gary.

penwise

Thrugelmir wrote: »

Better return maybe made by paying this off first.

Thanks for the reply

The interest rate is so low on this mortgage that we thought it would be better getting a house that we could rent out

kingstreet

You did not disclose until after I'd posted that this is a BTL.

A typical BTL proposition;-

- is limited to 75% loan to value
- sees you needing to be an existing homeowner
- requires rental income to be 125% of monthly mortgage interest at c6%pa
- has a minimum personal income of £20k+, more for some lenders.

As BTL business is still broker-centred, I'd find a good independent or whole market broker who will find the right lender for you.