BTL Mortgage when not earning 25k

[Sarnie]

kurt535 said:

Sarnie said:

kurt535 said:

Now now furniture, you are guilty of the same thing over and over again.


Anyway, back in the real world, OP speak to Bank of Ireland; they lend based on rental income.

Bank of Ireland require you to be an owner occupier though...............

nope. definately not. their offer to me 6 months ago was for 3 new build houses and based off their projected rental income.

Yes they do.

From their lending criteria;

"First time landlords welcome - at least one applicant must be an owner occupier at the point of application"

From half way down page two of their BTL lending points;

https://www.bankofireland4intermediaries.co.uk/med...

The OP's partner is not an owner occupier......

[NickCQ]

dazwalsh said:

I cant understand why they require her to own another home when its a remortgage rather than a fresh btl on an unproven property.

Presumably because they don't want the borrower moving into the BTL property. I imagine it would make repossession very difficult - evicting someone on an AST is one thing but evicting the borrower on an undocumented tenancy with BTL rather than owner occupier docs would be a nightmare.

[Sarnie]

NickCQ said:

Presumably because they don't want the borrower moving into the BTL property.

Correct.

Years of scheme abuse............. where applicants bought a £200k house on an Interest Only BTL mortgage, on a £15k per year salary......"to rent out as an investment"..........and then moved into it themselves.

[alorotom]

Is the £24k taking into account the BTL income ... if not then it’s simple really

[Sarnie]

alorotom said:

Is the £24k taking into account the BTL income ... if not then it’s simple really

Income from the actual BTL itself, does not count towards lenders minimum income requirements......