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Remortgage to BTL advice please

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daisyflowergirl
daisyflowergirl Posts: 1 Newbie
in Mortgages & endowments
Hi. I have a house i rent out, i would like to remortgage on a BTL mortgage. I earn £7800 per year from the rent and a similar amount from other self employed income. I just wondered do you think I would be able to qualify for a BTL mortgage with this income level? i have read about no income BTL mortgages although i do realise they like you to have some income, I just wondered if anyone has qualified for one in a scenario like mine and how much income they require? 
Any advice appreciated. 
Many thanks 

Comments

  • movilogo
    movilogo Posts: 3,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Usually your rent needs to be certain percentage higher than mortgage payment. It is typical for BTL properties to take out interest only mortgage - in case repayment option seems too high.
    Regarding your own income, you need to speak with a mortgage advisor or bank as different lenders have different criteria. Some require £25k yearly income as minimum. 
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
  • kingstreet
    kingstreet Posts: 39,258 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As an experienced landlord you will have options among lenders with no minimum income and income proof requirements.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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