FTB Buy to let, "Low" income mortgages

Josephofyork

Hello there, looking for a bit of advice to make sure I'm not barking up the wrong tree. Looking at buy to let mortgages as a first time buyer with a salary income of £17k. Have 35k to put down as a deposit on houses/flats around 80-90k. Currently a live in paying £165 a month rent and have no other outgoings aside from £25 a month for the phone.
Seems like something I should be able to manage and afford but hit hurdles on my income and first time buyer status. Any advice or help on lenders or in general would be greatly appreciated!
Apologies if this is a regular post but felt it was an unusual situation so started a new thread

ACG

According to my spreadsheet there are 2 lenders, neither are high street lenders and both of them are available through broker only. There may be others as I have not updated my sprreadsheet in a while, but it shows you how limited the options are even if another 1 or 2 have come in to the fold.

Best bet is to find an experienced broker.

dimbo61

I think you have more than one or two hurdles to overcome.
First Time buyer
You dont already own a property
You dont earn at least £25,000
Any history of paying bills ? Mortgage payments, utility bills, loans etc
Credit score ? Age, savings etc
Time to see a whole of market mortgage broker who deals in BTL to find out what options you have IF ANY

csgohan4

Are you sure you know what it takes and the pitfalls of being a LL?


Plenty of epic fail stories on here

kingstreet

Any lender offering BTL mortgages to your buyer group is going to test the case as if it was a residential.

You are in the sector where buying with a BTL mortgage might be possible where you won't pass residential affordability. hence the extra scrutiny.

FBaby

You dont already own a property
You dont earn at least £25,000

I think I know who the two only potential lenders are and I believe both will require an income of £25K if not already owning a property (for at least the last 6 months).

ACG

I think you think im thinking of BM Solutions and TMW? Im not.

I think one of the lenders has no minimum income for experienced landlords only - but I could be wrong so I have included them in my 2 for arguments sake. The other lender I think are more likely to do it and if you know who they are I would be very surprised as I doubt 90% of brokers have heard of them let alone used them.