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Guarantor for a buy to let mortgage
Cc78_2
Posts: 1 Newbie
I was just wondering if anyone knows if any lenders consider a guarantor for a buy to let mortgage. I would like to quit my current job as have two other buy to let properties. I want to buy a third but have noted that a £25,000 income source is required to qualify for a buy to let mortgage. What I'm wondering is can I still buy this property in my sole name with my husband/parents as a guarantor for the mortgage as wouldn't satisfy the lending criteria.
Also once I have bought another two. The rent from those would provide me with enough gross rental income to satisfy the £25,000, would a lender recognise this as a separate income source or would they still be looking for an employee status as a source of the income. Thanks in advance for your help
Also once I have bought another two. The rent from those would provide me with enough gross rental income to satisfy the £25,000, would a lender recognise this as a separate income source or would they still be looking for an employee status as a source of the income. Thanks in advance for your help
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Comments
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Speak to a broker, there are other lenders who have no minimum income requirements.I am a Mortgage AdviserYou 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.0
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Isn't your husband already guaranteed 50% of your BTLs now? why not just put him on the deeds?Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
Cashback sites: £900 | £30k in 2016: £30,300 (101%)0 -
Isn't your husband already guaranteed 50% of your BTLs now? why not just put him on the deeds?
tax or another reasonDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0 -
The rent from those would provide me with enough gross rental income to satisfy the £25,000, would a lender recognise this as a separate income source
Only if the income is unencumbered, i.e. the properties are mortgage free. Leveraging up with debt is all very well until it goes wrong. Then the house of cards comes tumbling down.0
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