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No income btl mortgage possible?


emmajayne

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Yes, probably.

There are a few lenders that dont have a minimum income, however they generally do require something on paper. it can be a part time job or £1000 profit from property on your tax return but there needs to be something.

Also bear in mind that property number 4 will make you a portfolio landlord and some of the lenders above then introduce income requirements. Some lenders will accept £25 - £30k profit from UK Land and Property towards that though, but if you have only just started renting them it will be a year or so until that reflects on your tax returns.

 

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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Yes, with one exception currently. Kensington are the only lender to my knowledge that currently ringfence limited companies for portfolio calculations. They are not the most competitive lender though so i wouldnt recommend banking on this strategy. Everyone else ignores the limited company and lumps them all together when calculating portfolios.

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

Link to post

I have posted on this before and have done a fair bit of business for BTL clients with no income. The fact that you own your own main residence is a big help.

There is at least 1 other lender I am aware of that will not include the Ltd company owned BTL properties in the portfolio. This is a high street lender offering far more competitive rates than Kensington.

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My point is, thats a bad strategy to work on. Any strategy that relies on one lenders particular USP is dangerous because it makes you entirely dependant on those lenders. As soon as you fall outside other criteria of theirs or they dont like the overall exposure, you are high and dry.

 

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

Link to post
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