Buy to let options? Without being in current employment

M47

I wanted to ask if anyone knows if there are currently any Buy To Let products that will allow me to obtain a mortgage without currently being in employment?

I would also be purchasing this property from a family member of mine at a discount below Market value, as I would also need to use this discount as a deposit due to not currently having the liquid deposit funds.

could anyone recommend any lenders whom could match my requirements?

my credit rating is also good.

 Thank you 

user1977

If you've got little cash, how are you going to cope during periods when nobody is paying you rent, or when you need to fund repairs? 

Edi81

What about all the outlay required to
get the property up to spec to rent out? 

housebuyer143

There are a few, but you will need a broker because the loan you get depends on the rent you can achieve. You have some niche requirements so this is where a broker will be helpful.

Laycity

How much of a discount? If it’s substantial it could trigger stamp duty avoidance which any decent solicitor handling the sale would not go near. Also the discount is not real money so cannot be used as a deposit as such.

kingstreet

M47 said:

I wanted to ask if anyone knows if there are currently any Buy To Let products that will allow me to obtain a mortgage without currently being in employment?

I would also be purchasing this property from a family member of mine at a discount below Market value, as I would also need to use this discount as a deposit due to not currently having the liquid deposit funds.

could anyone recommend any lenders whom could match my requirements?

my credit rating is also good.

 Thank you 

Do you own your own home? Are you a landlord already?

M47

Thank you for everyones response’s, I’ll try to respond to everyone.


I have enough funds to cover repairs etc and the property is already rented out… 

This property always rents… I’ve been managing it for years…..

Could anyone recommend a good broker who could help with my niche requirements?

the discount would be around 50-60% but if this could cause issues, I guess this discount could be amended. (Although it seems crazy that a family member cannot genuinely gift their child equity without being accused of things).

MWT

M47 said:

the discount would be around 50-60% but if this could cause issues, I guess this discount could be amended. (Although it seems crazy that a family member cannot genuinely gift their child equity without being accused of things).

Make sure your parent is aware of the potential for CGT liability as it sounds like this property has been let for some time now.

Obviously other potential issues around IHT and deprivation of assets but hopefully neither of those will arise.

You missed an answer to probably the most important question:

kingstreet said:

Do you own your own home? Are you a landlord already?

amnblog

No earned income. Family gifted deposit. Probable previous family occupancy.

Not looking good, anything else?