Buy to Let Mortgages for Applicants with Low or Without Personal Income
Buy to Let Mortgages Suitable for Applicants with Low Income
Most lenders will not consider applicants who have no personal income. However, there are situations where applicants while not having earned incomes do have large savings, or a lump sum capital, and want to invest in the property market for investment purposes.
These individuals can be students with a cash gift from parents, a housewife/homemaker, someone recently made redundant, or just taken early retirement etc., in fact anyone who has capital to invest in UK residential property. The lender will not require a guarantor and will not require a second property as additional security. They will just secure their mortgage as a 1st charge on the property being purchased.
A wide range of properties can be accommodated with maximum loans available up to 85% of value for properties being purchased at below market value*. Lending restrictions are shown below:
BTL-10 – Maximum loan is 70% of purchase price and there is a maximum term of 2 or 3 years, or a longer term of 4 – 5 years. The minimum property value is £200,000 and the minimum loan size is £100,000. Properties accepted in England only.
Homeowner or owned a Buy to Let property for 12 months
UK passport or UK driving licence as ID
Evidence of deposit funds and refurbishment costs
Applicants can be Employed, Self Employed
Previous experience of similar developments
Types of Property
Self Contained Flats
Must be leasehold title
Flat must have its own entrance
Property located in England Wales and Scotland
General Lending Criteria: Flats Above Commercial Property
Purchases or Remortgage
Interest only or capital + interest repayment
Up to 85% Property Value
Up to 70% of purchase price