Getting a second buy-to-let mortgage?

Muststopworrying

Hi all

I am looking into how easy it would be to get a second BTLmortgage for a property very close to mine.

Currently I have a BTL on a property I have rented out and anormal mortgage on the property I live in.

The property I would like to buy I think would go for200-250k and would easily rent for £1k a month.

I know LTV is about 75% I guess I would apply for additionalborrowing on my live in property for the deposit and get a new BTL for theproperty I want to buy?

My only concern was when I bought the last one I was earningabout 35-40k in a high pressure sales role and now I am on 21k in a normal andmuch nicer role. Having said that I read something about as long as you are on15k plus they don’t mind too much as know rent would cover it?

Any thoughts and comments much appreciated.

Many thanks in advance

MSW

GMS

Many lenders have a minimum income requirement of 25k so beware off this.

Have you checkeed with your current mortgage lender to see iif you could borrow further funds?

Might be best speakinng to a broker as many BTL mortgages are broker only

Cornucopia

The two big lenders got rid of the earnings requirement last year.

These are Mortgage Works (Nationwide) and BM Solutions (HBOS).

Best and easiest to consult a broker. I used a free one, and had no problems.

Muststopworrying

Thanks guys, yes lets hope the income isnt too much of an issue!

Mortgage_Mark_2

Cornucopia wrote: »

The two big lenders got rid of the earnings requirement last year.

These are Mortgage Works (Nationwide) and BM Solutions (HBOS).

Best and easiest to consult a broker. I used a free one, and had no problems.

Essential, rather than best, with those two as they're both 'intermediary only' lenders...