Buy to Let Mortgages

macaulays

Afternoon,
Does anyone know if there are any buy to let lenders that don't require you to already be a residential home owner as part of their lending criteria? I own a property at the moment but it is let out as I live elsewhere for work just now. I would like to investigate whether it would be at all possible for me to consider looking at a second property but as I live in a rented property just now and not the one I own, this appears to be a bit of a block to eligibility. Any recommendations?

Many thanks,

Sandy

GMS

Speak to a broker. This may be possible subject to criteria.

Is the property you let out now on a BTL or residential mortgage?

kingstreet

A broker is your best bet.

The BTL market is still broker-centred, with many specialist lenders not marketing direct to the public.

In many cases, it's owning another property which is the qualification, not necessarily living in a property you own.

macaulays

The current property doesn't have any mortgage secured on it at present. If any products were possible, I wonder if there would be any benefit to raising funds against the current property in order to procure a second, thereby being able to prove current rental income etc.

GMS

You could look at raising a BTL mortgage on the current property in order to purchase/fund the deposit for a new one.

Many BTL lenders are broker only so this is the way to go

macaulays

thanks both for advice. Never having ever sought out a broker before let alone actually spoken with one, is there some kind of central listing body that one should head for to start a search or do i just hit google?

kingstreet

Recommendation from friend or relative is usually the best bet.

Failing that, try https://www.unbiased.co.uk, switching off "sponsored ads only" option, so you get a full list for your area.