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I'm trying to get a buy to let mortgage to buy out my brothers half share in a flat we co-own. There is no current mortgage (we own it outright) and it's valued at around £130,000, though he will accept £60,000 for his half. The issue is that I have no current income and the flat that was previously rented out for years has not been rented out for the past twelve months (I won't go into the reason why here). I do however have £20,000 of savings and next to no overheads for my personal living expenses as I'm living in a family home.
Getting a mortgage is proving to be tricky due to the aforementioned factors (I've found a couple that don't require the income, but they do require the flat to have been rented for a period of time in the last year). I'm convinced there's an option out there, so if anyone could recommend a provider that would meet my requirements I'd be eternally grateful. Failing that, pointing me in the right direction of the best online comparison tools that would be suitable for my requirements (preferably with a filter for minimum income level) or forum's where I may be able to get assistance would be much appreciated. As a last resort mortgage broker recommendations are also welcome.
(*Moderator note: Recommendation removed as member has not passed probation and therefore not permitted to make recommendations or post hyperlinks*).
All you need to find is a lender who does not require proof of income for BTL mortgages. There are a number of such lenders. But you will need to plan to let it out as soon as possible.
Chartered Accountant, Tax Advisor and Mortgage broker
(and BTL portfolio owner)
Birmingham Midshires do BTL mortgages that don't require personal income information .
We remortgaged ours last year to get a better rate and managed to save nearly 50% of the monthly payment, both myself and my wife are retired .
You would need to arrange via a broker .. we are in the Midlands and used a guy called Jason Dutton +447931546807 ... I wouldn't generally recommend anyone when it comes to finance , not that he didn't do a great job for us ... but even if he is not in your area it might be worth a call to get advice.
I am also interested to contact your broker. May I have his email (instead of phone)? Thanks in advance.
Thanks for the tip Neil. I did see a financial advisor at one point and can remember Birmingham Midshires coming up in passing. Can I ask what rate/fees you are paying? I have found one or two providers who don't require a minimum income, but they have required the flat to have been rented for a certain period over the last year so that's been the sticking point, but hopefully one will come through. I'll check them out.
The brokers fee was £350.00 ... I was paying on one flat £228 pm reduced to £113.00 .. so I recoved his fee fairly quick .
It's certainly worth chatting to a broker, especially about your 1 year missed rent ... I am sure we all have personal reasons why these things have to happen and I am sure it can be sorted ... one major factor on your side is that you will still have over 50% equity in the property ... which is better than most ... best of luck .
There are a handful of lenders who will consider your situation. The trusted and award-winning team at Property Tribes Financial Services on 01206 654444 will be able to assist you find a suitable product.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks Vanessa, I'll look into it. Are you able to recall any of that handful of lenders?
Thank you Vanessa
@Sebastian, the Team at https://www.PropertyTribesFinancialServices.com are available on 01206 654 444 and via email at firstname.lastname@example.org
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No income no job no benefits no eBay no car boot no nothing? Really?Unlikely.....