Consent to Let & 2nd Property BTL

malli79

Good Morning








I have a consent to let / buy to let query that hopefully someone can answer for me.


I currently own a property for which I have consent to let on the mortgage. I wish to purchase a second property on a buy to let mortgage, is this allowed or do I have to be an owner/occupier?


Many Thanks

kingstreet

That would depend on the policy/criteria of the lender you are considering for the proposition.

Some may lend, others won't.

Thrugelmir

The fact you let an existing property may well impact a lenders decision. Much will depend on your overall financial position. I.E. perceived ability to withstand financial distress.

malli79

Thanks Kings
Don't currently have a lender in mind just wanted to check it would be possible. Will definitely be using a broker to source the correct lender.

malli79

Thanks Thrugelmir.
Just to clarify would this be based on rental income or also include our own personal income?

Typhoon2000

For a BTL, it would be based on the anticipated rental income. Most BTL lender require a minimum salary of 25k but they are no affordability checks like MMR.

malli79

Thanks.
Minimum salary is fine for me, hubby is self employed so do they use PBT for this?
Rental income exceeds the 125% of mortgage interest when tested at 6% so should be ok hopefully!