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  • FIRST POST
    • Lucy106
    • By Lucy106 24th May 19, 4:05 PM
    • 2Posts
    • 0Thanks
    Lucy106
    Buy to let mortgage
    • #1
    • 24th May 19, 4:05 PM
    Buy to let mortgage 24th May 19 at 4:05 PM
    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
Page 1
    • csgohan4
    • By csgohan4 24th May 19, 4:20 PM
    • 6,065 Posts
    • 4,018 Thanks
    csgohan4
    • #2
    • 24th May 19, 4:20 PM
    • #2
    • 24th May 19, 4:20 PM
    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
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • flashg67
    • By flashg67 24th May 19, 4:46 PM
    • 2,785 Posts
    • 1,813 Thanks
    flashg67
    • #3
    • 24th May 19, 4:46 PM
    • #3
    • 24th May 19, 4:46 PM
    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
    • By maas 24th May 19, 6:41 PM
    • 491 Posts
    • 337 Thanks
    maas
    • #4
    • 24th May 19, 6:41 PM
    • #4
    • 24th May 19, 6:41 PM
    There are lenders who have no minimum income for BTL. Find a broker.
    • Thrugelmir
    • By Thrugelmir 24th May 19, 7:20 PM
    • 63,529 Posts
    • 56,321 Thanks
    Thrugelmir
    • #5
    • 24th May 19, 7:20 PM
    • #5
    • 24th May 19, 7:20 PM
    There are lenders who have no minimum income for BTL. Find a broker.
    Originally posted by maas
    A personal income of some kind is still a requirement.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
    • Lucy106
    • By Lucy106 24th May 19, 7:27 PM
    • 2 Posts
    • 0 Thanks
    Lucy106
    • #6
    • 24th May 19, 7:27 PM
    • #6
    • 24th May 19, 7:27 PM
    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
    • By gary83 24th May 19, 7:59 PM
    • 74 Posts
    • 84 Thanks
    gary83
    • #7
    • 24th May 19, 7:59 PM
    • #7
    • 24th May 19, 7:59 PM
    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
    Originally posted by Lucy106
    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
    • By Thrugelmir 24th May 19, 8:03 PM
    • 63,529 Posts
    • 56,321 Thanks
    Thrugelmir
    • #8
    • 24th May 19, 8:03 PM
    • #8
    • 24th May 19, 8:03 PM
    The mortgage would be quite small and easily covered by the rent,
    Originally posted by Lucy106
    That's a simplistic view. If it were that easy everyone would own a BTL.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
    • silvercar
    • By silvercar 25th May 19, 10:44 AM
    • 39,132 Posts
    • 162,883 Thanks
    silvercar
    • #9
    • 25th May 19, 10:44 AM
    • #9
    • 25th May 19, 10:44 AM
    There are people, particularly in retirement, whose sole income is rental income on BTLs. They have mortgages, so it must be possible.
    • Choccygirl123
    • By Choccygirl123 25th May 19, 9:02 PM
    • 702 Posts
    • 2,105 Thanks
    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.
    Always counting down to pay day, but making baby steps getting life on track! Looking forward to cracking the debt once and for all.
    SPC 090 - £69.45 / £500
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