Buy to let mortgage

bitsandbobs

Been pondering buying a second place to let out for a while but havent had the money to do so

Anyway I have seen a flat for sale for 60k that has tenants in paying £450 a month.

I'm not sure where i would stand getting a mortgage for it though

I have about 18k to put down on it

Myself and my sisters own my mum's old place (3rd each) which is on sale at the moment for 125k

I have equity in my own house of at least 80k

The problem being i took redundancy from my job last May and have been working on a temp contract since, my current contract runs out in July but they are more than likely going to extend again.
My credit rating is A1 but my salary in this job is only 16.5k as I have gone in at the bottom
My wife is a nurse and she is on 27-30k per year but her credit rating while she has never defaulted she has forgot her store cards every so often and ended up making late payment.

Just wondered if anyone even thought it be worthwhile trying as i know they are a lot tighter now on lending.

Thanks

Clarabella123

I'm no expert but I think The Mortage Works offer BTL mortgage where you don't need a guaranteed income as long as you have a good enough LTV. I'm self employed which is why they were suggested to me.

I'd advise you speak to a broker or someone or here may have more knowledge than me.

Thrugelmir

bitsandbobs wrote: »

Anyway I have seen a flat for sale for 60k that has tenants in paying £450 a month.

As it's a flat what's the remaining lease term and also the annual service charges that are payable.