Regular BTL Mortgage possible?

JEsaver

Before we book an appointment to speak to a broker I wondered if those on here would know if my wife would qualify for the majority of BTL loans or if she would only have choice of a few.

She is employed part time 17 hours a week on about £34k. She does own a property together with her sister which is owned out right and let. All the rent goes to her sister who gives my wife enough to pay her share of the tax bill every year. She wants to get a BTL in her name ( I think it would complicate maters if I went on it now, but may go on in a few years if she remortgages and there isn't much capital gains). She did have a residential mortgage but sold the property after we got married and moved in with me 6 years ago. Our house is mortgaged in my name only (I had it before we were married and it's a minimal % above base tracker so I don't want to change anything).

She has 1 credit card paid off in full every month and one loan £200 per month which will finish in 5 months, on electoral roll, no missed payments, clean credit file.

Looking to buy a property for around a max of £275k (outer London). She has up to £95K for a deposit ( from the sale of her residential property 6 years ago and savings) but would prefer to put as little down as possible. Interest only.

She hasn't started looking for property yet, but would like to know if it will be straight forward getting a BTL mortgage, without having a residential mortgage but owning a property outright which is let.

Thanks

ACG

Some lenders will have issues but there will be options - infact there is a lender who tends to be near the top of most of the best buys at the minute who this sounds like it will fit with.

JEsaver

Many thanks, we were hoping she would still qualify for the more mainstream BTL lenders and better rates.