Buy to let mortgage with no minimum income

sebsational

I'm trying to get a buy to let mortgage to buy out my brothers half share in a flat we co-own. There is no current mortgage (we own it outright) and it's valued at around £130,000, though he will accept £60,000 for his half. The issue is that I have no current income and the flat that was previously rented out for years has not been rented out for the past twelve months (I won't go into the reason why here). I do however have £20,000 of savings and next to no overheads for my personal living expenses as I'm living in a family home.

Getting a mortgage is proving to be tricky due to the aforementioned factors (I've found a couple that don't require the income, but they do require the flat to have been rented for a period of time in the last year). I'm convinced there's an option out there, so if anyone could recommend a provider that would meet my requirements I'd be eternally grateful. Failing that, pointing me in the right direction of the best online comparison tools that would be suitable for my requirements (preferably with a filter for minimum income level) or forum's where I may be able to get assistance would be much appreciated. As a last resort mortgage broker recommendations are also welcome.

Finchy2018

Surely a broker is a first resort in this case?

sebsational

Finchy2018 wrote: »

Surely a broker is a first resort in this case?

If it's at all possible I'd rather do it without due to the prohibitive fees (as much as £750 I've been quoted), but as I mentioned broker recommendations are welcome. I've actually seen a couple who weren't that helpful, but a good broker with reasonable fees would be a decent compromise.

Finchy2018

It sounds complex and worth paying a fee. 20k won't cover not being able to let the flat or when the tenant decides not to pay. with no income that 20k will have to allow you to survive surely? What about all the other fees associated with renting a property?

silvercar

Do you need to buy out your brother now? Could you both agree to rent it out for a year and then you buy him out?

csgohan4

you need a broker as lenders generally need a track record, i.e income from somewhere, otherwise you are unable to evidence how you are going to service the mortgage as part of affordabiity checks

theartfullodger

No income no job no benefits no eBay no car boot no nothing? Really?

Unlikely.....

sal_III

sebsational wrote: »

If it's at all possible I'd rather do it without due to the prohibitive fees (as much as £750 I've been quoted), but as I mentioned broker recommendations are welcome. I've actually seen a couple who weren't that helpful, but a good broker with reasonable fees would be a decent compromise.

So you rather prefer to get a sub-par product (if any) on your own, potentially paying more on Lender fees and/or interests? Yours is an edge case, not really straight forward for DIY

Just go for a broker that only charges fee on mortgage offer and see what would be available in terms of DIP. If you don't like the offer or the numbers don't add up just don't take the product.

sebsational

silvercar wrote: »

Do you need to buy out your brother now? Could you both agree to rent it out for a year and then you buy him out?

Unfortunately the flat was left in something of a state of disrepair by the previous tenants. A disagreement with my brother over sorting it out is what's resulted in the current situation, but the problem is before renting it out I need to spend a few weeks to get the flat back into a suitable condition. The catch 22 is that my brother will likely then ask for more money despite not contributing to the renovations...

sebsational

csgohan4 wrote: »

you need a broker as lenders generally need a track record, i.e income from somewhere, otherwise you are unable to evidence how you are going to service the mortgage as part of affordabiity checks

Buy to let is a little different. There are lenders that don't require income as long as the rent you will receive will more than cover the mortgage payments. However the couple of providers I've found have required the flat to have been rented for a period over the last year which it has not (despite being rented for years previously). So I'm trying to find any other providers that don't require a minimum income (I know there are more out there) and then hope that the fact it has not been rented for the previous year doesn't disqualify me.

sebsational

Are there any online mortgage comparison tools that might allow me to filter by income level? I've seen brokers using them so would hope there'd be a consumer equivalent.