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buy to let ,no min. income :(

ezq
ezq Posts: 9 Forumite
in Mortgages & endowments
I'm looking for a buy to let mortgage for first time buyer /without own property/ currently renting a house.
but I don't have 25k income :(, my salary is 18k gross ,I have a 25% for deposit.


can I have a chance for this type of mortgage ?
«1

Comments

  • ACG
    ACG Posts: 24,746 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Nice mix there!

    There are lenders that will look at this, but you really will need to speak to a broker. The devil is in the detail for this to have any chance.
    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.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    What is the value you are looking at?


    Note, if this is £150k upwards your chances are dramatically reduced
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • M0ney
    M0ney Posts: 494 Forumite
    Ninth Anniversary 100 Posts
    Dave_Ham wrote: »
    What is the value you are looking at?


    Note, if this is £150k upwards your chances are dramatically reduced

    Think they'd have no chance anyway with a 25% deposit for this value you'd need at least a £110k mortgage which is over their 6x salary.
  • ACG
    ACG Posts: 24,746 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    BTL mortgages are not based on affordability in the same way as normal 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.
  • Cornucopia
    Cornucopia Posts: 16,570 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    This is probably doable. The main consideration is rent vs. mortgage interest payments. How do your figures stack up.

    Why do you want to do BTL before buying your own property. Are you sure this won't lose you money overall?
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    M0ney wrote: »
    Think they'd have no chance anyway with a 25% deposit for this value you'd need at least a £110k mortgage which is over their 6x salary.


    This is buy to let, although this will still be tricky but certainly broker only.


    I say this as at least 50% of these sort of scenarios are people trying to be double clever; if this or anyone reading is just trying t get past affordability and achieve a bigger mortgage for a property you will live in then the lenders are all over this and 99% wont get through.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    Question is why do you want a btl mortgage?

    You're not after an interest only mortgage for a residential purchase are you?
    Why are we here?......................because we are not all there.
  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    shortchanged wrote: »
    Question is why do you want a btl mortgage?

    You're not after an interest only mortgage for a residential purchase are you?

    See Dave Ham's post, lenders are all over this.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ezq
    ezq Posts: 9 Forumite
    property is worth £50k, so I don't need a big mortgage,
    already talked with one broker who had access to 19 lenders and all required min. 25k income :(. I'm looking for a buy to let mortgage because property is 300 miles far away, I lived there before and I would like to move there in the future.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    "I would like to move there in the future"
    Not really a BTL then as you want to live in the property.
    I would not mention that when applying :-)
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