Can I get a BTL mortgage?

DauntedTim

I've seen a house in a different area that I'd really like to live in when I move back there area in 2 years. I can't move now, so I was hoping to get a BTL mortgage for 2 years and then move over to a residential mortgage when I relocate.

The metrics are okay: I have a 35% deposit and the rent would cover 130% of the mortgage payments (and it's in a popular area, close to transport links etc).

The problem is that I'm not a homeowner at the moment - is that enough to make this a non-starter? Is another avenue available?

holly_hobby

The deposit and rental income ratios are fine (subject to valuation).

Do you have any mge history ?

If so, how recent ?

H x

Dave_Ham

There are a handful of lenders who lend to non homeowners on a buy to let basis, although the criteria is pretty strict.

Worth a free chat with a broker to fully appreciate your specific options I would imagine.

Deposit will be fine, some have a minimum income criteria though at £15k, £20k, £25k and some even higher but again depends upon the specifics..

All the best

DauntedTim

Thanks for the quick feedback. I'm a FTB so no mortgage history, but I have a basic salary of over £30k so I meet most requirements.

Put it this way: IMHO it's a good proposition for a lender and I could afford the mortgage without letting out the house, but in this "computer says no" age that we live in I'm concerned that I'll fall at the first hurdle.

Dave_Ham

You should be fine, although most buy to let mortgages do require you to be an owner occupier at least.

You are highly likely to require a broker as most buy to let lenders need to come via a broker/packager.

Good luck