Buy to let mortgage with no minimum income

Discussion in 'Mortgages' started by sebsational, Mar 2, 2019.

  1. sebsational

    sebsational New Member

    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.
     
  2. Karen R

    Karen R New Member

    Why are you seeing broker assistance as a last resort? A broker can provide you with options as they know the market and have access to funders that consider all types of scenario many of which are not available to borrower's direct. If the property has not been let due to it not being a reasonable condition to let then that will be viewed differently by a lender than if it just was not let by choice. If you were to outline the entire situation to a broker they could advise you of your options, they will charge for their expertise but usually only at completion of the loan and their fees are often deducted from the advance. Your intention for the property qwill also make a difference (ie if you plan to let it or live in it and whether it has ever been lived in by you or your family). If you are serious about a solution contact a broker, if however you are really just wanting to know how to own the property without having to spend a penny then i wish you every luck as I think you will really struggle to find a way forward.
     
  3. FWL

    FWL Member

    I totally agree @Karen R

    Many brokers have access to private banks and niche lenders who will be able to create a package around your requirements.
     
  4. Longterminvestor

    Longterminvestor Administrator

    As far as I am aware, access to private banks tends to be via mortgage brokers as they dont normally advertise. However, on the whole they tend to be more flexible than high street banks.
     
  5. TobiCapital

    TobiCapital New Member

    mainstream lenders will have an issue with no income that cant be verified as they require provable income to cover void periods from regular income sources (not just lump sum).

    Do you own any other properties? (Ie main residence or buy to let property) And, did you inherited this property?
     
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