BTL having the capital but no income

Discussion in 'General Property Investment Discussion' started by Hal j, Jan 17, 2019.

  1. Hal j

    Hal j New Member

    Hi, looking for information on this.

    If I have enough money for BTL is it possible to get a BTL mortgage without having an income but have savings?

    I have read that you have earn at least £25.000 a year to get a BTL mortgage but there must be another way for people who have the money for deposits but no job?
     
  2. realdeals

    realdeals Active Member

    If you have enough savings, use these to purchase a BTL property? That way you avoid the interest charges and would have equity in the asset and a rental income.
     
  3. Hal j

    Hal j New Member

    Hi thanks again for reply, is it possible to get a BTL mortgage without having a steady income?
     
  4. shina

    shina New Member

    Must have at least 20k annual except from the deposit to get a BTL mortgage.

    Sent from my SM-G965F using Property Forum mobile app
     
  5. FWL

    FWL Member

    The new regulations are "too cautious" in some ways and this is a situation which does kind of slip through the net. Then again, if you lived off your savings they would get less and less and with no cash flow (i.e. no employment income) any extended period of no rental income, legal fees in the event of an eviction, etc could prove fatal for your cashflow and investments.
     
  6. As others have said, I dont see a way around it unless you either use your savings or you are able to secure the appropriate level of income.
     
  7. Karen R

    Karen R New Member

    There are lenders that will consider a buy to let mortgage based on the rental income from the property alone as long as it is let on an AST and the rental income meets the lender's minimum criteria for affordability.
     
  8. John Wilson

    John Wilson Member

    Ok some creative possibilities for you Hal: joint venture with someone you trust, who can get a mortgage, or try strategies like Rent to Rent or lease options to get into the market by leveraging other people’s mortgages.


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  9. Longterminvestor

    Longterminvestor Administrator

    There are also niche private banks and peer to peer lenders who may consider your situation more favourably.
     
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