If you’ve got the means and opportunity, becoming a landlord can be a tempting investment prospect. But it’s important to understand the market and what you’re letting yourself in for – why not ask a mortgage broker to explain the process in more detail?
As a general rule, most BTL lenders will only consider applicants over the age of 21 for a BTL mortgage. This is because lenders like to see proof of your ability to manage money (stable income, solid affordability and clean credit) over a minimum three year period. The number of lenders you have access to …
Most mortgage providers won’t lend to BTL borrowers unless they already own their own home, and some will stipulate that you have to have been a homeowner for over a certain amount of time. Generally speaking, BTL mortgage providers favour customers with landlord experience, as evidence of a strong track record of managing rental properties …
Can you get a buy-to-let mortgage as a first-time buyer? Read More »
While mortgage providers can be reluctant to lend to people with bad credit history, plenty of lenders are happy to take the bigger picture into account before coming to a decision. There are even specialist bad credit mortgage providers out there. The type of bad credit, how long ago it occurred and the circumstances surrounding it will …
Can adverse credit applicants get a BTL mortgage? Read More »
Deposit requirements for buy-to-let mortgages are far higher than residential ones, as they are considered a riskier investment. The standard loan-to-value (LTV) for BTL is around 75-80%, which translates to 20-25% deposit – although some providers may be more generous for the right applicant. Likewise, if you pose a greater risk in other areas (e.g. …
How much deposit is needed for a buy-to-let mortgage? Read More »
While the majority of buy-to-let mortgage providers base affordability on projected rental income, some will only agree to lend if you bring in a certain amount from other sources – regardless of whether you intend your investment to be self-funding. If you don’t receive any additional income, seek advice from a broker. They are familiar with …
Are there minimum income requirements for a BTL mortgage? Read More »
How much you can borrow for a BTL mortgage usually boils down to the amount of rental income that you’re expecting to receive from the tenants of the property. Although there are lenders offering BTL mortgages with no borrowing limit, eligibility assessments are still stringent, and applicants are advised to acquire a rental income forecast …
How much can you borrow for a buy-to-let mortgage? Read More »
If you’ve fallen behind on mortgage payments, or even had a home repossessed, finding a mortgage again can be quite difficult. But it’s not impossible. You’ll have to rebuild your credit score by paying all bills on time. And you’ll probably need to use a mortgage adviser to apply to a lender that might accept you …
Can I get a mortgage if my house was repossessed? Read More »
It’s likely you’ll have to wait until your bankruptcy is removed from your credit record, which can be six years from the date of your bankruptcy
Use a free online credit report service. You’ll have to provide details about your banking and credit accounts to access your report. Alternatively you can get a FREE trial with Check my File here, Try it FREE for 30 days, then £14.99 a month – cancel online anytime
