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  • Mortgages & Finance

    what does no minimum income mean on buy to let mortgages

    Would an income of £20k be enough for Aldermore, TMW and Northern Rock?

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    :-)
    Richard Greenland said:
    Ask Lisa!
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Hi Bill
    interesting question and not as obvious as it sounds.
    TMW and NR don't have a minimum income requirement; in fact they have no income requirements at all. However they reserve the right to confirm that you can support yourself, your family, your business/portfolio. It's rare but I have had them ask for details of how people 'survive' and a double check of bank statements or income.
    Aldermore don't have min income requirements but do ask upfront for evidence you can support yourself.
    Lisa
    https://www.keys-mortgages.com
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Sorry to answer your question more directly; 20k may well be fine but if your home mortgage is 500k and you have credit card debts of 100k then maybe no even if they don't have min income requirements!
    i.e. It's not just one thing that means a pass.
    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Your question raises a query on my part, you have asked about minimum income from one lender who only deals via intermediaries, I am therefore asking why your broker hasn't answered this question given that you will have to use one if you are intending to apply for a mortgage from Aldermore .

     

    To save you the time and as a broker involved only with Buy to Let mortgages the following info should be of assitance.

     

    TMW . No minimum income is set as a base criteria.They will however ask for the last three months Personal Bank Statements to determine how much money is received during each month.

     

    Aldermore ,Again no minimum income although they will require independent confirmation that income is earned either through PAYE or being self emplyed.

     

    Northern Rock , No minimum income but like Aldermore they will need evidence of the applicant have sufficient income  as aprudent measure of affordability.

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