Could I ever get a BTL in my current situation?

49IM

amnblog wrote: »

Most buy to let lenders like to see at least £25,000 earned income (not rental income).

OK, thanks - good to have a rough number on it. Hmm, it's highly unlikely I'll ever be on that kind of wage, haha. Are there any exceptions, some lenders who for some reason don't worry about salary so much as rental income?

My actual net in-my-bank income for 2016 is going to be around 21k (which calculates back to 26k+ gross if it was a normal salary), and my mortgage is lower than most people's rent, but unfortunately it can't be counted like that.

hmmmm, thanks for the replies, everyone. I'll try to speak to a broker and see if there's anything we can come up with.

wolfplayer

So fed up with all the BTLers wanting to try and farm other people's incomes.

'Run' a BTL indeed.

Put down deposit and think it's just a matter of getting tenants into pay the mortgage down.

Well BTLers will be saying HELLO to Section 24 from 2017. So deserved.

csgohan4

wolfplayer wrote: »

So fed up with all the BTLers wanting to try and farm other people's incomes.

'Run' a BTL indeed.

Put down deposit and think it's just a matter of getting tenants into pay the mortgage down.

Well BTLers will be saying HELLO to Section 24 from 2017. So deserved.

Or the LL will pass on the cost to the tenant and the poor tenants you so defend will be poorer for it. Such a one sided view you have.


Cash buyers will not be affected so there will be BTL out there.



You describe 'farming' people's income for providing a service. They are actually providing a roof over their heads and secure housing. LL are not a charity are they? They too have costs to pay for.


Would you call KFC farming your income when they hand over a bargain bucket to you to stuff your grubby face with?


Do you expect it to be free??? In fact your the one that expects free lunches right? and anything else is 'farming'