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I was told I couldn't get a buy to let mortgage without an income but it's not true you can!

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  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    paranoidandroid31978 wrote: »
    And where have I said that I have a mortage? I thought you were reasonably clever but you're saying things without knowing me and mis interpreting facts. I'm obviously very wrong about you and you are one of these people who like the sound of their own voice for it's own sake.



    Please try not to think about me at all :)
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    paranoidandroid31978 wrote: »
    It was a turn of phrase. You hit me with such a smart allec attitude that I called you stupid because you were wrong and you seemed to deliberately misinterperate what I was meanign when I know you're reasonably intelligent.

    I felt you were being deliberately obtuse! That's how you seem to be to me. You seem to have a deliberate antagonistic attitude and I have not got time to waste talking to someone like that who is here for that reason.



    Click on my name
    Click on user settings
    Click on add to ignore list


    Hope it helps :)
  • kingstreet
    kingstreet Posts: 39,265 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    paranoidandroid31978 wrote: »
    My point is that most brokers I approached told me flat out it's not possible. They made myriad mistakes. My point and central message is to double check and check out different brokers in the same way you would builders.
    I lost almost two months because of an incorrect assumption/information made by a broker.

    Yes I'm talking about no income and no proof of income.
    There are at least six authorised brokers who post on M&E and you can be sure none of us will make a sweeping statement which can be contradicted by others.

    Our egos are far too big for that!
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    paranoidandroid31978 wrote: »
    Yoiu've got a posting history of interfereing in threads without actually adding anything. You come across as an interfering busy body with nothing good to contribute except to stir up anxt. I've read your posts before!! That's your thing! You're quite well known for it.



    Ye Need an Answer! Grow up!


    I'm sorry PA31978, some people think 48 hours isn't a long time, but I know 5 minutes can change the world. Clearly the last two days you've seen exactly what this forum is like.


    Need - he's been here two whole days, he knows you (and me apparently)
  • kingstreet
    kingstreet Posts: 39,265 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    paranoidandroid31978 wrote: »
    It was a turn of phrase. You hit me with such a smart allec attitude that I called you stupid because you were wrong and you seemed to deliberately misinterperate what I was meanign when I know you're reasonably intelligent.

    I felt you were being deliberately obtuse! That's how you seem to be to me. You seem to have a deliberate antagonistic attitude and I have not got time to waste talking to someone like that who is here for that reason.
    You really should ask yourself if a busy, public, cost-free forum is the right place for you.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    You really are living up to your user name...


    OK, there's only a few things I'm picking up on. The rest is just a rant/ramble.


    Firstly - you mention the bridging loan interest rate as "0.5%". Yes, monthly. Annually, that's about 6.2% APR. The small rise to "0.55%" is actually 10% more interest - nearer 7% APR. You will simply not be getting a yield on your property of anywhere near that, even before all the other expenses. In other words, you will be subsidising your tenant's rent. You will be making a loss on this business...


    Secondly - the reason any reputable non-trivial sized financial services business will record all the calls to their call centres is as much for YOUR protection in the event of disagreement as theirs.

    Finally - if you have a million quid in cash, why on earth are you...
    a. Borrowing to buy some iffy rental properties the other end of the country?
    b. keeping it in a zero-interest account?
    Even 2% return is £20k taxable income per year.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    paranoidandroid31978 wrote: »
    Well I wouldn't have had you not stuck your ore in with incorrect foolish comments designed to get a reaction!! Would I??? Are you having one of those days Comms?? Do you feel the need to be irritating or confrontational? Whatever it is just leave it and go and make a cup of tea.

    Or are you an Estate Agent or a Broker? That would naturally explain the animosity and hostility I'm sensing ::D

    Are you a broker??



    Literally my job is in my username. :)


    You keep saying one of those days, yet you've been here two days!


    I'm simply providing a counter point to other readers who might think "Hey, this is a great idea! Being £150k in debt with no income! Lets do it!"
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Comms69 wrote: »
    You keep saying one of those days, yet you've been here two days!
    ...under this user ID...
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    So OP deletes their posts, reports us and I get banned - see you all in 2 weeks :)
This discussion has been closed.
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