Buy to let mortgage 20k income

stebiz

A friend of mine is looking for a Buy to Let Mortgage. Has 20k deposit. Income is also 20k. Property is 60k.
Credit record is fine.

I said I'd ask on here for him.

AnotherJoe

People here dont give loans Tell him to go and see a mortgage broker, they do.

Does your friend own (even if with a mortgage) a house already? If not his odds are low.

stebiz

Yes he has. I just said that somebody on here would probably know of a lender who would suit his needs.

ACG

There is nowhere near enough information to say. We could probably advise of a few lenders who would be happy with a £20k income and a £60k purchase price, but there could be more obstacles to overcome.

stebiz

20k income
60k property
20-25k deposit
5k annual rental
No CCJ's or defaults
Permanent Job for Blue Chip Company

ACG

My factfind is 6-7 pages.

stebiz

Then if you can't think of a company who is likely to consider the application on the above criteria and you fill in 6-7 pages before you can you must waste a lot of your working day. I'll do a bit of googling for him.

ACG

I have an idea of some lenders who would accept it, but I dont do half a job.

amnblog

stebiz wrote: »

I'll do a bit of googling for him.

If this is your friend's solution to funding his buy to let he sounds like a bit of a worry.

Tell him to hurry up and get you googling as it will be a whole lot more difficult next month.

csgohan4

amnblog wrote: »

If this is your friend's solution to funding his buy to let he sounds like a bit of a worry.

Tell him to hurry up and get you googling as it will be a whole lot more difficult next month.

is it the new tax regulations your implying? or the new stress tests?


http://www.propertywire.com/news/stress-tests-uk-buy-let-mortgages-set-start-2017/

csgohan4

stebiz wrote: »

Then if you can't think of a company who is likely to consider the application on the above criteria and you fill in 6-7 pages before you can you must waste a lot of your working day. I'll do a bit of googling for him.

Your mistaken, the buyer has to fill in the Fact find, with the broker then matching them to a product. The brokers on here are not allowed to suggest lenders due to forum rules.


I could suggest the Bank of Rhubarb but it would not be good for your friend. Not one size fits all.


Does your friend know what it means to be a Landlord and the risks involved. It isn't easy money. What if you need to evict someone who doesn't pay rent? do you think it's cheap to get a high court writ and bailiffs?


Does your friend know the legal implications of be a LL too, tax, Gas check e.t.c?


http://forums.moneysavingexpert.com/showpost.php?p=67759929&postcount=7