Holiday let mortgage

samson1313

Myself and my sister are trying to buy a holiday let between us, the mortgage adviser we have used a few times for residential mortgages says that one of us need to be earning over £30000 to qualify for the holiday let mortgages.

Surely as a joint mortgage as long as our joint income is over £30000 that should be fine but he's adamant that it has to be one of us?
He's not done holiday let mortgage many times so i'm just wondering if this is correct?

If it is generally correct does anyone know a provider that will take joint income?

We've provided previous years accounts on the holiday cottage where turnover and profit is fine so the only stumbling block is this £30k individual earning problem as we both earn around £20k each

MWT

You may need to find a broker with a wider pool of lenders.

It is common to see minimum income requirements, and for those to be different for single or joint borrowers, but I've seen lenders asking for as little as a minimum income of £25,000 or for joint applications a combined income of £40k so I'd hope another broker could find a lender to suit you...

Find one who has a lot more experience in this area if you can as the requirements and conditions are more restrictive than a typical BTL situation for these properties.

K_S

samson1313 said:

Myself and my sister are trying to buy a holiday let between us, the mortgage adviser we have used a few times for residential mortgages says that one of us need to be earning over £30000 to qualify for the holiday let mortgages.

Surely as a joint mortgage as long as our joint income is over £30000 that should be fine but he's adamant that it has to be one of us?
He's not done holiday let mortgage many times so i'm just wondering if this is correct?

If it is generally correct does anyone know a provider that will take joint income?

We've provided previous years accounts on the holiday cottage where turnover and profit is fine so the only stumbling block is this £30k individual earning problem as we both earn around £20k each

@samson1313 There are Holiday Let lenders who have a minimum income requirement that you meet.

However, that's not all there is to a case. It could well be that there are other aspects to your requirements (LTV, location of property, property type, your portfolio size, first time landlord, etc) which mean that your pool of lenders is restricted and hence what your broker said. Or it could be that they either aren't whole of market or don't have experience in this area.

Thrugelmir

Are you both mortgage free, i.e. homes paid for? How much are you proposing to borrow? 


How old are the accounts, the last 12 months cannot have been good from a trading perspective.