BTL mortgage without job

sgitw

Hey my wife is thinking of using her savings to get a property to get some rental income.

At the moment we have a choice to buy out the property 100%.
However, there is a potential that we may need to have some saving at float so we are considering the option of a Buy to let mortgage in Scotland

However, i am not sure if you are allowed to even get a mortgage for BTL without no job?

She will be a first time buyer, we live in a home currently on mortgage under my name.

Anyone got any ideas? we are thinking of paying out 60~65% and lending only 35 to 40%, but not sure if that is even possible, thanks

Caz3121

most BTL lenders require a minimum income (£25k seems to be the norm)
an article here is from last year https://www.moneysupermarket.com/mortgages/buy-to-let/

Thrugelmir

sgitw wrote: »

However, i am not sure if you are allowed to even get a mortgage for BTL without no job?

With no rental income. How would she meet the monthly interest charges and property costs?

sgitw

Thrugelmir wrote: »

With no rental income. How would she meet the monthly interest charges and property costs?

Thanks Thrugelmir, the idea is that with onl 35~40% mortgage, and interest rate low, the rental is more than enough to cover the monthly repayment even at repayment mortgage.

In the future if the rate goes up, by that time we may no longer need the floating cash, we can just pay it off.

In my mind, the risk is really next to nothing for borrowers, however thats not for me to decided.....