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BTL having the capital but no income

H

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?
 
R

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.
 
H

Hal j

New Member
Hi thanks again for reply, is it possible to get a BTL mortgage without having a steady income?
 
F

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.
 
P

PostBrexitInvestor

Member
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.
 
K

Karen R

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?
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.
 
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.


Sent from my iPhone using Property Forum mobile app
 
L

Longterminvestor

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