Remortgage BTL low income

2015newstart

Just a quick post to see if anyone knew of any lenders that aren't strict on the 20k min income for BTL.

I do have an income over 20k a year, but they will only consider 9 of it for my application. Have spoken to an independent advisor, but i'm not keen on paying their fee and a new application fee for the mortgage too.

Value 210, mortgage value 110.

Many thanks

Wh05apk

There are some lenders who do not have a minimum income, and also some who will class you as an "experienced landlord" and so not need any income.


You need to decide how much you can save by remortgaging, and if the brokers fee is worth paying?

ACG

Im not suggesting you should or should not pay the brokers fee. Its your money to do what you please with, but you are struggling to place it yourself but begrudge paying someone who can do it for you?

Out of curiosity what is their fee?


As above, there will be lenders for this. Some you can access directly others you can not.

Thrugelmir

2015newstart wrote: »

I do have an income over 20k a year, but they will only consider 9 of it for my application.

What are the sources of your income?

2015newstart

The broker I spoke to wanted £1500 and the mortgage fee was £1995. I'm currently with the Halifax and they've said fine to remortgage but at 3.39 on a tracker. I'm ideally looking for a fixed for 2 or 3years and trying to keep the arrangement fees as low as possible. Halifax charge £995.

My sources of income are a private pension that is due to end in 18months, another buy to let property, overtime and the usual child benefit.

Thrugelmir

2015newstart wrote: »

another buy to let property,

That's income with an attached liability. Tenants don't pay or void periods and it'll be a drain on your finances. Double the number of properties and it's a house built of cards that's waiting to crash.

ACG

Halifax do not do BTLs as far as im aware.

I suppose £1500 is a bit steep for a straight forward mortgage.

2015newstart

My current one is with the Halifax them so i'm sure you see why i'm a little loathe to pay an adviser. I'd be better off sticking with the svr rate with the halifax than paying the fees and setting up of a new deal. Ideally i'm looking for a fixed, but don't want to pay through the roof to set it up. I think i'm better off waiting and seeing what happens over next couple of months,

Thanks for the replies.