We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
BTL Mortgages - Salary Restrictions
spollard
Posts: 1 Newbie
Good afternoon, wonder if anyone can help... I am stuck with my current mortgage lender when I could be getting a much better rate of interest and saving money. The only thing preventing me from switching to a better deal is my low salary, which doesn't seem that significant as the rent covers the mortgage (pays for itself). From September ill be supply teaching, and my salary will not rise significantly enough to be eligible for many deals out there. Are there any lenders that don't have that minimum salary restriction to place an application? Thanks
0
Comments
-
Yes there are, speak to a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
which doesn't seem that significant as the rent covers the mortgage (pays for itself).
When you've no rent coming in then the matter becomes highly significant. A low income may mean that the cot of funding BTL property along with your other outgoings becomes unaffordable. That's the direction from which lenders will assessing the situation.0
This discussion has been closed.
Categories
- All Categories
- 347.1K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.7K Spending & Discounts
- 239.3K Work, Benefits & Business
- 615.1K Mortgages, Homes & Bills
- 175K Life & Family
- 252.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards