BTL, debt and no income

glen_bel

Caz3121 wrote: »

but you said you wanted this purchase to be secret



what's the rush? wait until you are back in work and have an income to support the application

I do want this purchase to be without my husband's knowledge but the other 2 properties are in both names and he knows what income/expenditure there he is so he would be willing to cover any shortfall for these if there was no rental income coming in. Sorry if I confused.

glen_bel

Deleted_User wrote: »

There are lenders that require no minimum income for BTL. There are also lenders that require no income of any sort. Prime lenders as well, not even having to look too far off the high street

Repeating the above comment, not commenting on your personal family circumstances but in theory it would be possible to get a BTL without an income.
Get a broker who does a decent amount of btl and you will find a mortgage company able to lend based on criteria.
Passing a credit score with no income and high unsecured borrowing may be a different factor though.

Thank you very much for this, this is what I was trying to figure out if there was the possibility of getting a mortgage. I will look for a suitable broker.

glen_bel

muhandis wrote: »

Ignoring all the familial matters in the background (which might well be relevant)....

- You will need a sizeable deposit (25% at least), which I assume you know and have.
- The outstanding cc debt can have a disproportionate impact on your affordability, so in your place I would aim to bring that down first.
- I would wait till you start employment as there are a few lenders who will factor your personal income in the equation.
- Rental income *can* be taken into account by some BTL lenders (subject to a lot of other factors), so long as you can evidence it to the level they require. What evidence is acceptable however, is subjective and differs from lender to lender.

To summarise, no one here is going to be able to give you a definitive answer. In your place, I would arm myself with all pertinent details and talk to a broker.

Thank you for the reply. I will look for a broker.