Student mortgage?

Yorkie1

ch3101 wrote: »

Okay thanks, we'll have a word with the EA's mortgage advisor and look at other options.

I would avoid the EA's mortgage advisor and go to an independent whole of market broker a) who knows their stuff re. BTL products and b) has no conflict of interest.

ch3101

Yorkie1 wrote: »

I would avoid the EA's mortgage advisor and go to an independent whole of market broker a) who knows their stuff re. BTL products and b) has no conflict of interest.

Yep I know but if we organise the financ through them we get a £1000 bonus towards the purchase which is rather enticing Thanks

Yorkie1

But you may lose more than £1K on the deal they find for you ... you have already heard from an experienced mortgage adviser on here that yours is not a straightforward case to find a solution to. EA brokers are frequently said on here to fail to find good deals in complicated situations. They are frequently not whole of market so only have access to a limited range of products / lenders.

Do you really want to risk things without even finding out if their deal can be bettered?

Caz3121

Not sure about Clydesdale specifically but many BTL lenders require you to already have a residential mortgage and minimum income of £25k per annum (as well as LTV and rent v's mortgage ratio)

Prothet_of_Doom

Caz3121 wrote: »

Not sure about Clydesdale specifically but many BTL lenders require you to already have a residential mortgage and minimum income of £25k per annum (as well as LTV and rent v's mortgage ratio)

That's interesting.

So if I paid off my mortgage (I owe £57.50) and decided to pay more into my pension, to bring down my income to £24,999 They'd have a problem ? :eek:

That was my plan

kingstreet

No.

Caz has emphasised a mortgage, when that isn't case.

Typically, BTL lenders want the applicant to be a homeowner, with or without, a mortgage.

It's a way of stopping those short on income from using the BTL route to get a property they intend to live in.

Some lenders do have a minimum personal income requirement, but many don't and their minimum may be less than £25k.

Dave_Ham

ch3101 wrote: »

Yep I know but if we organise the financ through them we get a £1000 bonus towards the purchase which is rather enticing Thanks

You need to seriously look into this offer. It will not be what it seems and I would bet by last £1 that the in house advisor will struggle with your case.

Say on a buy to let application, there are 5 key variables; credit score, homeowner status, income, property type/value and deposit as a % of purchase price.

You have less than straightforward details to 3/4 of these and your credit score is never set in stone. Experienced broker required.

All the best