BTL Mortgage when not earning 25k

[PostHeads123]

My partner moved in with me 5 years ago and since then she rented her place out, the mortgage company knew her situation and switched her to SMR which wasn't too bad all things considered 3.75% and she had low outstanding balance < 90k, she is not on my mortgage or anything. She now wants to remortgage her place to get a better rate / before rates start going up but we are finding lenders want her to have min 25k salary for a BTL, she only works 2 days a week and is on around 24k. Also her place is the only place she owns as well and I've noticed BTL lenders also seem to want the borrower to own another property as well in order to lend.

Does anyone of know of BTL lenders who don't consider her personal income or expect her to own another property and can offer decent mortgage rates ?

Edited by PostHeads123 on Friday 26th January 13:19

[Saleen836]

Can she not work more days a week to increase her salary?
If she earns £24k on 2 days a week she only has to do 1 more day to increase salary

[rich12]

I really can't help but i'm dying to know what job earns £24k a year for 2 days work a week!
That would be perfect for my misses.

[anonymous-user]

rich12 said:

I really can't help but i'm dying to know what job earns £24k a year for 2 days work a week!
That would be perfect for my misses.

A job that normally pays £60K, that you've done for years, and now allows you to job share or go part-time. That's the route I took in my career until retiring last year but maybe there are other options too.

[PostHeads123]

garyhun said:

rich12 said:

I really can't help but i'm dying to know what job earns £24k a year for 2 days work a week!
That would be perfect for my misses.

A job that normally pays £60K, that you've done for years, and now allows you to job share or go part-time. That's the route I took in my career until retiring last year but maybe there are other options too.

This, but she went part-time after have my kid, she had been there for years and they didn't want to lose her.

[rich12]

That's what I thought but had to ask just incase there was some sort of magical easy job.

[dazwalsh]

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

Also i think the 25k requirement is quite strict however you will often find the best route is via a broker, they will have an idea about who will lend to who, high street lenders are aholes for their "computer says no approach to lending" since the great crash of a decade ago

[anonymous-user]

I had a CTL (consent to let) on my residentially mortgaged house and when it was up for renewal it stayed on residential with NatWest, they also included the rental income, i think it was 2014 i took the initial mortgage, CTL + mortgage was in 2016 and it’s still rented out on a residential mortgage; 100% aware.

[sidicks]

cupraben said:

Only just registered so can’t message you. Drop me an email and I’ll take a look for you

Post reported! This is a forum for car enthusiasts, not for mortgage brokers to try and obtain free advertising.

Edited by sidicks on Monday 29th January 12:12

[sidicks]

PostHeads123 said:

My partner moved in with me 5 years ago and since then she rented her place out, the mortgage company knew her situation and switched her to SMR which wasn't too bad all things considered 3.75% and she had low outstanding balance < 90k, she is not on my mortgage or anything. She now wants to remortgage her place to get a better rate / before rates start going up but we are finding lenders want her to have min 25k salary for a BTL, she only works 2 days a week and is on around 24k. Also her place is the only place she owns as well and I've noticed BTL lenders also seem to want the borrower to own another property as well in order to lend.

Does anyone of know of BTL lenders who don't consider her personal income or expect her to own another property and can offer decent mortgage rates ?

Edited by PostHeads123 on Friday 26th January 13:19

OP - Talk to Sarnie on here - highly recommended by many.

[cupraben]

sidicks]upraben said:

Only just registered so can’t message you. Drop me an email and I’ll take a look for you



Post reported! This is a forum for car enthusiasts, not for mortgage brokers to try and obtain free advertising.

Edited by dinosaur.mod on Friday 26th January 20:59

I wasn’t advertising anything. I was simply offering to help out with his original question. Pretty pointless recommending a company without knowing the full situation. I’ve been using the site for a few years now just couldn’t remember my previous login details.

Sorry to have broken the rules

[sidicks]

cupraben said:

I wasn’t advertising anything. I was simply offering to help out with his original question. Pretty pointless recommending a company without knowing the full situation. I’ve been using the site for a few years now just couldn’t remember my previous login details.

Sorry to have broken the rules

Fair enough - I'm not the moderator for this forum, but if you want to help, why not just answer the question (or ask some further questions of the OP so that you can help)?

Edited by sidicks on Friday 26th January 21:59

[cupraben]

To the OP

Since I’m not allowed to give actual advice without being accused of advertising, I will just say get a broker and look at The Mortgage Works and Leeds Building Society

[Sarnie]

Leeds BS require you to be a residential property owner......................

From their lending criteria;

"Buy to Let Lending Criteria Summary
Tags: summary, buy to let

Summary of Buy to Let Lending Criteria

Maximum portfolio size of 10 mortgaged rental properties, irrespective of lender
Maximum of 4 rental properties can be mortgaged with The Society, whether Buy-to-Let, Holiday Let or a combination of both
The primary applicant should already be a residential homeowner occupier"

[sidicks]

cupraben said:

To the OP

Since I’m not allowed to give actual advice without being accused of advertising,

No, what you actually did was advertise whilst providing absolutely no advice whatsoever.

[kurt535]

sidicks said:

cupraben said:

To the OP

Since I’m not allowed to give actual advice without being accused of advertising,

No, what you actually did was advertise whilst providing absolutely no advice whatsoever.

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.

[sidicks]

kurt535 said:

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

I have never advertised my services to anyone on this forum, so i’ll put this down as yet another of your stupidly ignorant statements that are demonstrably wrong. A list that keeps on growing.
Unless of course you have some evidence to support your claims...

[Sarnie]

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...............

[sidicks]

Sarnie said:

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

This is why we recommend the experts, rather than the people who think they are experts!

Edited by sidicks on Monday 29th January 12:13

[kurt535]

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.