Contractor needing buy-to-let mortgage

Hugo77

Hi,

I am a contractor, and have been in my current position for 9 months with no sign of it ending. However I am only contracted for 3 months at a time.

I am a first time buyer needing a buy-to-let mortgage. I have 70k deposit, and will need to borrow 50k-60k.

Does anyone know if this will be possible? I'm aware having only 3month contracts at a time will not go in my favour.

Any advise would be welcome.

Ayles

with the right lender no problem

TrickyDicky101

Why do you need a BTL mortgage? As far as I am aware, since you have no existing residential property, it will be a very big problem for you to get a BTL mortgage.

amnblog

Problem 1

No existing property

Problem 2

Insubstantial track record on earned income

Solution

Engage a broker with the knowledge that there is a decent chance this won't happen.

Hugo77

Thanks for responses.

I'm looking for a BTL so I can get on the property ladder and earn some extra income. At the moment I tend to travel around for work so it's easier for me to rent, as I'm not based anywhere.

I've held permanent positions before becoming a contractor, and have never been out of work. Would this be taken into consideration?

I have thought it would it be easier to buy a cheaper property outright with the 70k, and then take a mortgage out on that further down the line... but i did want to spend a little more than that.

You're right, a broker would be a good idea. But, I get the impression a mortgage at this stage won't be possible...

betmunch

Hugo77 wrote: »

You're right, a broker would be a good idea. But, I get the impression a mortgage at this stage won't be possible...

It's definitely not possible if you don't ask.

Might as well take the time to do a full fact find with a professional to know for sure

Thrugelmir

Hugo77 wrote: »

At the moment I tend to travel around for work so it's easier for me to rent, as I'm not based anywhere.

How will you cope with managing a property and tenants from a distance?