Buy to let Mortgage - New Job

dave83

Hi

I've just started my job this month - my understanding is that one needs 3 months payslips to get a mortgage - however, I had a job immediately preceding this one in the U.S. - for which I have years of bank statements showing income. Can I use that as payslips - i.e. foreign source of income.

If I can't, I assume I'll have to wait 3 months until I can get the payslips ready?

Also, what is the maximum loan to salary I can get?

I will have a deposit of around 20%.

GMS

Do you already own a home?

What income do you have?

What deposit and purchase price?

Estimated monthly rental income?

dave83

GMS wrote: »

Do you already own a home?

Yes, but it's in my husband's name - there is no mortgage on that and we will not be giving a charge over that.

What income do you have?
35,000 pounds - salary + my husband has 12,000 rental income (he has no other income)

What deposit and purchase price?

Deposit will be around 25,000 - it's an investment so it will depend on the deal we get - it could be 80/90k but no more than 130k.

Estimated monthly rental income?

No less than 5-6% of the total property value divided by 12 (monthly rent)

dave83

Does no one have any answers?

kingstreet

BTL lending is based more on rental income than it is on personal income.

You'll need the rent to be 125% of the monthly mortgage interest, assuming a rate of perhaps 6% and should be able to borrow upto 75% of the value of the property.

Some lenders do look at your personal income to ensure you are not buying a BTL to live in, using the BTL affordability rules to get around the residential evidence of income requirements, but you do not normally need to worry too much about how many payslips you have.

If you do not already own your own home, you may experience problems with the issue mentioned.

dave83

Thanks - my husband doesn't have a job - he can be a joint application and does own a property.