LandlordZONE

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Oct, 2014

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  1. #1

    Default Possible to get a BTL with no job?

    Any pointers on getting a BTL mortgage with no job? Would be putting down 30% deposit

  2. #2
    Join Date
    Mar 2009
    Posts
    9,175

    Default

    As long as you have (usually..) £25k pa income apart from property.. I've done it..

    'phone a mortgage broker specializing in B2L & ask...

    Cheers!!
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

  3. #3
    Join Date
    Jul 2012
    Location
    North West
    Posts
    1,772

    Default

    Yes, I don't earn 25K. As long as your rental will cover 125% of the mtg (I think) you stand a chance.

    But yes, see a broker.

  4. #4
    Join Date
    Jan 2011
    Location
    Windowsill Bay
    Posts
    1,542

    Default

    There are some products and a mortgage broker will advise you - get him to check as many deals as possible because the fees are generally a bit higher if you don't have a regular income.

  5. #5

    Default

    Yes you should be able to

  6. #6

    Default

    Try a mortgage broker

  7. #7
    Join Date
    Nov 2012
    Posts
    525

    Default

    you would need a very large deposit in todays market!

  8. #8

    Default

    Yes it is possible providing that you have other income.

  9. #9
    Join Date
    Aug 2008
    Posts
    3,414

    Default

    Most lenders's criteria for offer of Mortgage is that the loan will not exceed 3.5 times the borrower's annual earnings. So if you have no job, you don't qualify.

    So use you 30% deposit and buy a small house in Chicago USA. Houses are so cheap there and you can get 10% yield as advertised on the web . So investigate .

  10. #10
    Join Date
    Mar 2009
    Posts
    9,175

    Default

    Quote Originally Posted by Gordon999 View Post
    Most lenders's criteria for offer of Mortgage is that the loan will not exceed 3.5 times the borrower's annual earnings. So if you have no job, you don't qualify.
    .....
    Gordon - surely "income" not "earnings". & "So if you have no income...."???

    Many people have income but no job ....
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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