Buy to let mortgage

Lucy106

Hi there, hope someone can help. I am not working (stay at home mum) but would like to get a buy to let mortgage on a property in my name, I have 50% deposit. Does anyone know of a mortgage provider that doesn't require you to be in employment? The ones I have tried have said I need to earn £25k a year. Thanks

csgohan4

Lenders now a days need to satisfy strict lending regulations. If you have no income, how are going to fund the mortgage?


If a stranger asked you to lend x amount but they have no income, would you lend it to them

flashg67

You could try a local broker. I'm not one, but do have buy to let mortgages and the £25k rule seemed to be pretty standard when I was applying

maas

There are lenders who have no minimum income for BTL. Find a broker.

Thrugelmir

maas wrote: »

There are lenders who have no minimum income for BTL. Find a broker.

A personal income of some kind is still a requirement.

Lucy106

The mortgage would be quite small and easily covered by the rent, however I appreciate it would still be a risk if anything were to go wrong, just wanted to check my options. Thanks

gary83

Lucy106 wrote: »

The mortgage would be quite small and easily covered by the rent, however I appreciate it would still be a risk if anything were to go wrong, just wanted to check my options. Thanks

What happens if you have a bad tenant who suddenly stopped paying and it took months for you to evict them though?

Or good tenants who look after your property but then move or buy a house of their own, leading to a void period whilst you find someone else to occupy?

Both scenarios would lead to you having a period with no rent coming in, how would you pay the mortgage then?

Thrugelmir

Lucy106 wrote: »

The mortgage would be quite small and easily covered by the rent,

That's a simplistic view. If it were that easy everyone would own a BTL.

silvercar

There are people, particularly in retirement, whose sole income is rental income on BTLs. They have mortgages, so it must be possible.

Choccygirl123

When I purchased my my btl I wasn't in work as was a stay at home mum. House purchased at £171 with £60 deposit. I went through a mortgage advisor and nationwide had no problems. This was 5/6 years ago but they remortgaged a year ago, no issues when my take home has £450 a month.