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no proof of income

Vales
Vales Posts: 14 Forumite
in Mortgages & endowments
The question is
Is there any BTL available to experienced landlord with no proof of income?

I have a residential with consent to let and the 3 yr deal is coming to an end and tenants moving out.

Ideally I would like to sell the property rather than remortgage (equity near to 200k) and get a new BTL for a new purchase.
Thanks

Comments

  • ACG
    ACG Posts: 24,939 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There are a couple of lenders who may consider it yes.

    You would need to speak to a broker as atleast 2 of the 3 companies im thinking oonly deal with brokers. The 3rd im not sure whether they deal direct on BTL mortgages.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    Vales wrote: »
    The question is
    Is there any BTL available to experienced landlord with no proof of income?

    I have a residential with consent to let and the 3 yr deal is coming to an end and tenants moving out.

    Ideally I would like to sell the property rather than remortgage (equity near to 200k) and get a new BTL for a new purchase.
    Thanks

    Have you not got a tax return
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    But you do have proof of income ..... your rental income, which if you've been letting for 3 yrs, you should have at least 2 returns already in with HMRC.

    Of course if you're not declaring (ie no accounts or SA302s) then you do indeed have an issue ....

    Hope this helps

    Holly
  • Vales
    Vales Posts: 14 Forumite
    hi... I messed up my password and locked myself out the forum ...oops

    Yes indeed I have declared the rental income, not yet for 12/13 but doing it next week... but it is only 14k (the first year even lower)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Vales wrote: »
    Yes indeed I have declared the rental income, not yet for 12/13 but doing it next week... but it is only 14k (the first year even lower)


    And other sources of income?

    How would you fund your business if there was no cash being generated from property letting.
  • Vales
    Vales Posts: 14 Forumite
    I have spoken to two brokers - very briefly - and 1 seem to believe that I cannot sell property 1 because I can only remortgage prop1 with a BTL and get a second BTL - which really will not work well for me because I will be getting a low figure.

    The second broker has confused me even further saying I can sell as long as I sell the same day I buy... IE I must own prop 1 when I apply, get the M approved and things have to happen simultaneously ??

    Does anyone have any advice/experience?
  • Vales
    Vales Posts: 14 Forumite
    edited 17 October 2013 at 3:29PM
    Thrugelmir wrote: »
    And other sources of income?

    How would you fund your business if there was no cash being generated from property letting.


    I have a bit of savings set aside for maintenance and gaps
    also will keep a small part of the equity to increase this reserve

    I also do a bit of tutoring but nothing substantial really
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