Most lenders require you to have an income of £20k or so for a BTL mortgage. A higher deposit may open up some options, but their concern would be how will she pay the mortgage if the property is empty if she has no other income. But there are some options you could explore to find a Buy to Let (BTL) mortgage without income proof.
If you’re a landlord who is currently out of work or unemployed who wishes to buy a new BTL property or perhaps raise finance against an existing portfolio then you may have found it difficult to obtain the finance you need with many of the mainstream mortgage providers. But there are some lenders that could potentially accept anyone without any income.
Applicant types accepted are:
- Unemployed applicants with no income
- Retired or a pensioner over the age of 65
- Self-employed with limited business accounts
- No proof of income or earnings
- No proof of rental income
- Ex pat landlords
- Portfolio landlords who own multiple properties.
- Landlords who are up to the age of 80 upon application
- Landlords with adverse credit, CCJ’s or a history of defaults
- Landlords who are in receipt of pension income or benefits
- First time landlords or applicants with no mortgage history are accepted
Key Criteria to obtain a Buy to Let (BTL) mortgage without income proof:
- Rental Income from 125% – rental income must cover the new Buy to let mortgage by 125% for basic rate taxpayers. Additional provable income can supplement a shortfall in rental coverage if that is required.
- Loans from £10,000 – £1,000,000
- Equitable charges available
- First and Second charge loans available
- 75% loan to value
- No minimum valuation
- No minimum 6 months ownership rule which allows for instant refinancing
- No minimum income criteria – can have self-employed less than 12 months
- Trading, retired or employed landlords on low incomes.
- Adverse Credit – over 12 months old ignored from a pricing point of view
- Adverse Credit – under 12 months old considered
- No mortgage history required
- Limited Company enquiries considered
- 25% Family Gifted Deposits paid also considered
- No credit check is required
Mortgages can be arranged for a wide range of legal purposes examples including debt consolidation, home improvements, business use, buy to let funding. If you would like to learn more you can contact DealSourcing.co for the full list of mortgage lenders available to get a BTL mortgage without income proof.