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
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Obtaining a mortgage with no regular income
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- The full Lemon
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Re: Obtaining a mortgage with no regular income
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.
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.
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- Lemon Quarter
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Re: Obtaining a mortgage with no regular income
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!
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- Lemon Half
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Re: Obtaining a mortgage with no regular income
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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