I am a Professional landlord who has been letting properties for a number of years but not showing a huge amount of profit, can I get a buy to let mortgage?
The answer is ‘yes’ and I have helped many others like you. The key to your acceptance is level of your experience.
‘Landlord experience’ is defined in many different ways by prospective lenders but generally letting property for a few years is sufficient. If you are looking for a specialist time of buy-to-let such as student let, holiday holiday, multi-let or HMOs then relevant experience in these areas may be needed.
Experience can also be determined by some lenders based on the size of your portfolio. Five to ten is normally liked by the residential lenders who offer the best rates. Over this figure and the competition for business from the lenders reduces pushing rates and set up fees higher.
As you may be aware majority of UK residential buy to let lenders impose a minimum income threshold of £20,000 to £25,000. This is to ensure that you can meet a certain standard of living and cover other commitments, such as your residential mortgage, bills, food etc
In spite of the general rule above; we have access to about a dozen buy to let lenders that do not have a minimum income. With these solutions the level of experience and client profile needed for each lender is very different. They also offer a wide range of rates and product, from the very good to poor – but each has their own place in the market.
As an existing portfolio landlord you probably have buy-to-let mortgages already. When you are looking to expand these you need to certain you do not impinge on exposure restrictions with one institution and I can help you with this and the rules can get tricky.
Is my job as an independent mortgage broker specialising within the buy to let sector to advise you on the best suitable product once we have spoken about your current circumstances. It is vital that you understand that Niche Advice offers ‘a boutique service’ by this I mean it’s very personal – we do hide between faceless and pointless online calculators – we provide detail and expertise – which is the key to getting you the best possible deal.
For more information on getting a Buy to let Mortgage low income products
Please call us on T: (020) 7993 2044 or alternatively complete the enquiry form giving us as much information as you can and we will be in touch.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.