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Obtaining a mortgage with no regular income

mortgage deals, ideas and discussion
geek84
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Joined: May 1st, 2017, 10:28 am

Obtaining a mortgage with no regular income

#50282

Postby geek84 » May 1st, 2017, 10:30 am

Good Morning Folks

Recently I have managed to obtain (through inheritance) 3 buy to let properties with mortgages all paid off and have regular tenants living there for a few years. Therefore, I receive the monthly rent from these properties. However, I do not have a permanent job - I have always done office based work and manage to get temporary contracts to work a few weeks/months here and there. My other half has a part time job (about 25 hours a week), and we have 2 children both in full time education.

We are now thinking of buying a bigger property. Given the above circumstances, do you think it is possible to obtain a mortgage, since I do not have a permanent job? We could state that we receive regular income from the BTL properties, and if we fall into difficulty with the mortgage payments, then we could always sell one of the properties.

Please advice.

Thanks

Lootman
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Re: Obtaining a mortgage with no regular income

#50378

Postby Lootman » May 1st, 2017, 4:19 pm

I have obtained mortgages and remortgages since I stopped working. The loan amounts were based on my rental and investment income although, in the case of the rental income, only a certain percentage of the rent counted as the qualifying income.

I also found it easier using a mortgage broker rather than a High Street bank - the latter are more strait-laced about such things in my experience.

geek84
Posts: 2
Joined: May 1st, 2017, 10:28 am

Re: Obtaining a mortgage with no regular income

#50384

Postby geek84 » May 1st, 2017, 4:24 pm

Thanks Lootman

moorfield
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Re: Obtaining a mortgage with no regular income

#51057

Postby moorfield » May 3rd, 2017, 10:23 pm

I asked a similar question on the FIRE board this week. I fear I might have a harder time explaining to a mortgage broker how income derived from HYP dividends and a spread betting account works!

Alaric
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Re: Obtaining a mortgage with no regular income

#51070

Postby Alaric » May 3rd, 2017, 10:59 pm

geek84 wrote:We are now thinking of buying a bigger property. Given the above circumstances, do you think it is possible to obtain a mortgage, since I do not have a permanent job?


If that fails, you could always de-risk by selling one or more of the BTLs and using the proceeds to buy a house to live in mortgage free and rent free.


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