Buy to Let?? No Income

alphason

Hi,
I own a property in the UK but am currently living in Thailand. I previously lived in the property and have since gained permission to let with my existing fixed rate mortgage (4.55%), this comes to end early next year. I am a registered non resident landlord for tax purposes. Mortgage is currently around 380pm and I receive 425pm rental income gross which after agents fees etc is about 380pm.

My question is- will I be able to get a new mortgage without any other income (I guess it will have to be a buy to let), I have tried online quotes and they say no products available. The property is worth around 130,000 and the outstanding mortgage will be around 62,000 when the fixed period ends. The rental income is due for a review at this time so this may increase. Thanks.

herbiesjp

Are you a UK national living in Thailand?

Do you work and earn a salary in Thailand?

Based on the figures you could get a re-mortgage on a BTL basis, but the lenders available are limited due to the fact you are abroad - but it can be done as seemed to do quite a few at the beginning of the year. SOme wnet ahead, but some did not, as something abouttheir criteria made them fall outside of the lender's criteria. They will tend to be fairly strict on criteria seeing as you will be abroad.

alphason

Thanks- Yes I am a UK national, no current employment or income (was travelling and now job seeking in Thailand), good credit history, by the way the term remaining is 21 years.

herbiesjp

I would suggest getting a job asap - not only to meet the criteria of lenders, but also for yourself, just in case the property is left empty and you have to pay the mortgage yourself

alphason

I guess when the fixed term expires the mortgage will revert to the standard variable rate. Might this be my best option until I am working again? assuming they agree to extend my permission to let.

herbiesjp

It could be - but it will depend on how the lender views your situation and how they now deal with BTLs

alphason

herbiesjp - I have savings as a buffer and also an insurance policy to cover for default and non payment. The type of property I own is in short supply where it is, an area of mainly large expensive housing, I don't think it would be empty very long (but you never know).