Buy To Let on low income

doobie01

I am looking to rent out 2 properties, and get a buy to let mortgage (or preferably 2), but one of the lending criteria is that you earn more than £25k/year, which I don't, so can anyone offer some advice. I own a £40k property outright and I have previously rented out a property in the past so understand what I am getting into. I would like to get 2 buy to let mortgages, one on my current £40k property (as I live elsewhere with my partner) so that the funds can be the deposit for other houses, and one on a different £40k (ish) property for which I have £10k deposit already, both of which will be rented out, with the intention to get a third when I am ready.


I am on a wage of £20k, and the rent from the first property would be about £3600, leaving me short of the minimum £25k wage the lenders ask for. I can afford the mortgage payments no problem, and there is a need for rental in the area I am in.


Also, is it better to get a btl mortgage on a new house first, while I still own my current house outright? Or is it easiest to get a btl mortgage on my existing house (only then I'd be trying to do on a wage of £20k as it wouldn't be rented out at that point).


Thanks.

ACG

It should be achievable. However the value of the property and your income will be stumbling blocks for some lenders. You might be best speaking to a broker.

Also, I am not entirely sure as I have not done one since the changes came in to effect but you may struggle raising a mortgage on your existing home as it could be seen as a consumer BTL which I do not think all lenders are happy to do...but dont hold me to that.