BtL lenders with no minimum income requirements - please recommend?

49IM

Can anyone please name some BtL lenders which don't have minimum income requirements? That is to say that they will lend based on the rental income of the property alone.

Can anyone name some of these lenders for me? I know there are a handful, at least.


Thanks a lot,

ACG

Have you not made a few posts about this?
The brokers on here can not name lenders as we would be doing it based on limited information which is potentially enough for us to lose our licenses.

I think you may struggle with this going forward, in the new year there are the PRA rules coming in to play which means rental income will need to pass at 145% of 5.5%, the affordability in general (which I assume, although still to be seen) will include your income and expenditure.

There are currently exceptions with a couple of lenders for existing landlords, but you would need to have evidence for a year or 2 that you have been declaring the income (ie SA302s) and the tax man has been paid.

kingstreet

Even the lenders who profess to not apply minimum income also run affordability checks to ensure void periods can be covered, so personal income and outgoings are always an issue.

As ACG said, backdrop this with the PRA changes and 01/01/2017 is a totally different landscape for existing and potential landlords.

491M get yourself a broker. Trying to do this direct amidst all the current turmoil is not a good idea...

amnblog

I agree with my learned friends.

I expect that early next year no one without a sensible minimum income (possibly 25K) will be offered BTL lending.

There may be some flexibility with regard to what constitutes the income but the days of people on £10K or £15K salary may well be gone.

Things are getting so complex in the BTL arena that only someone working in it every day is likely to understand the options. That someone will be a broker.

49IM

Oh dear, well yes I have been speaking to a broker, unfortunately can't do anything now until the second week of January when he's back at work.
I have a couple of houses in mind which I would spring for if I was able to borrow. They are currently let at 1200-1400pcm and I would be seeking a mortgage of around 140k, so it works out in theory.

jamels2

try natwest

minimike2

jamels2 wrote: »

try natwest

Why post things like this if you have no idea about what you are saying?

Useless post which will not help the OP since NatWest has a minimum income criteria for BTL applications.

Random postings like this really do not help anyone.

jamels2

since when have natwest had a minimum income?

Caz3121

jamels2 wrote: »

since when have natwest had a minimum income?

according to their documentation

Minimum annual income: £25,000 from single applicant
Loan to income cap: Maximum 4.99 times income
(neither of which help the OP)

http://www.business.natwest.com/content/dam/natwest_com/Intermediary/PDFs/NatWest%20Buy-to-let%20Guide%20EMAILABLE.PDF

ACG

jamels2 wrote: »

since when have natwest had a minimum income?

Even if they had only had a minimum income for a week, the point remains - throwing out lenders names does not really help anyone.

Although I know it has been longer than a week as I recall giving the same link to someone else on here a few months ago (possibly even our thread starter).