Is there a list of smaller specialist/BTL lenders?

begtodiffer

Every so often reading the weekend papers I see some lesser known building society, often in the Midlands or North, that is described as being more flexible and willing to consider individual cases than the big national names especially for buy to let mortgages.

Now that I finally might need to call on the services of one of these lenders, I cannot find a list of them.
Google searches seem to turn up pages of carefully targeted spam.

Is there a directory of these smaller lenders anywhere?

GMS

For any BTL business a broker is the best bet.

Why do you not fit with the 'norm'?

begtodiffer

My post in thread 4891954 explains why
Sorry cant link to it as a newbie, see 'find more posts by'...

Leon_W

I read your other post and can't see a problem.


40% deposit. Fine.


Income. Doesn't matter as the loan would be based on the rental value for some lenders, not earned income.


In both names. Can't see why this is an issue.


Was that all the points covered ?

ACG

No lender on a BTL wants to see a £90k income - that would exclude the majority of BTL owners.

I think you have been given duff info or are confused potentially?

There is no list as such as lenders change their criteria, i think you really would be better speaking to a broker and letting them do the research. Let the broker get your details down on paper and do the research for you.

Leon_W

As ACG says, see a broker.


Most BTL lenders only offer their mortgages through brokers anyway.

begtodiffer

ACG wrote: »

No lender on a BTL wants to see a £90k income - that would exclude the majority of BTL owners.

I think you have been given duff info or are confused potentially?

There is no list as such as lenders change their criteria, i think you really would be better speaking to a broker and letting them do the research. Let the broker get your details down on paper and do the research for you.

OK, I stand corrected, not £90,000 it was a combined annual income of £75,000

from the HSBC page (I cannot post real links):
..../buy-to-let-mortgages/buy-to-let-mortgages-eligibility
"if you are a sole applicant, you have an annual salary of at least £50,000 and if you are joint applicants, you have a combined annual salary of at least £75,000 or one party has an individual salary of £50,000 or more"

ACG

HSBC are the exception to the rule. They have a very select type of applicant they want.

To be fair if you had put £75k i would have said the same as i said at £90k - so i would have been in the wrong then.

My point really is that any high street lenders (except HSBC) in the main want an income of £25-30k, however there are lenders with no minimum requirements.

amnblog

The weekend papers seek out success or horror stories depending on that week's message.

Just because the 'Sunday Voice' says Dilip and Janice got a buy to let mortgage on a shoe box at 98% ltv for two bob a month it doesn't mean you should not take it with an enormous pinch of salt.

Mokka

There are lots of weird (and possibly wonderful?) lenders out there, you've never heard about- you can find them on the cml website.
https://www.cml.org.uk/cml/about

As you can see it would be quite a job to even look them up on line.

A small building society in the North might only lend to locals- some of them have a specific catchment area. You will just waste time looking them all up- I know cos I did!

begtodiffer

Checked Santander's Ts&Cs on BTL mortgages. They don't lend on flats, full stop. Well that puts paid to the fastest growing segment of the BTL market in the Southern half of the UK then!