Buy To Let Mortgage with No Proof of Income

SquirtleSquad

For various reasons I have no proof of income for the past 2 years and I am not currently employed. The property I want to buy to let is on for £179,000 and my deposit is £60,000. It currently lets out for £775 pcm.

What are my best options? I have parents who would be willing to be guarantors, also I own another property that I currently let out and have done so for around 8 years now.

Thanks for your help!

Thrugelmir

No guaranteed income. No mortgage.

HappyMJ

SquirtleSquad wrote: »

For various reasons I have no proof of income for the past 2 years and I am not currently employed. The property I want to buy to let is on for £179,000 and my deposit is £60,000. It currently lets out for £775 pcm.

What are my best options? I have parents who would be willing to be guarantors, also I own another property that I currently let out and have done so for around 8 years now.

Thanks for your help!

As long as you own another property whether you live in it or let it out then you should have no problem getting another BTL mortgage as an experienced landlord.

Mortgages don't tend to have guarantors and especially not for BTL mortgages. The only guarantor mortgage I've seen is those 100% mortgages where 20% is effectively lent by your parents against their property so you're only borrowing 80% until you've repaid your parents equity off and can get another mortgage in your own name.

mrginge

HappyMJ wrote: »

As long as you own another property whether you live in it or let it out then you should have no problem getting another BTL mortgage as an experienced landlord.

looks like someone's been at the lighter fuel again.

SquirtleSquad

Care to expand on your comment?

somethingcorporate

Most lenders have an income requirement.

Probably worth going to see an experienced broker in your position.