General (main property discussion here) - Buy To Let Mortgages

Does anyone know if there are any BTL mortgages that do not require proof of income?

frank,

perhaps this thread helps a bit http://www.landlordtrader.co.uk/forums.php?thread_id=133

also you could give money centre a go?

http://www.themoneycentre.co.uk/GetQuote1.asp?type=1&email=&link=landlordtrader

alex m seems your man for this kind of advice.

tom

Thats true, Alex is the man for this question!

I asked him a similer question, his response was if your going for a buy to let mortgage, on the application you write "property developer", as your rental income would cover the mortgage, so no need to prove income.

Which is good news, hope that helped a bit.

Thanks Tom

Matthew are you sure about that? Just putting property developer is enough?

Well I will check out an independent mortgage adviser soon, just wanted to make sure that I am not about to waste mine and their time.

Good point Frank - it does sound a little too easy.

I suppose if you are a very large investor (50+ props) no income proof is required as this really is your business. Mortgage companies are more likely to be interested in your accounts.

If you are small they are not too concerned as it is unlikely that your liabilities are too large.

Perhaps it is the in between stage that is the hardest to navigate. That is 8-30 properties.

Personally, I use commercial lending departments of banks as they tend to be the most flexible. Mortgage companies ask more questions and if you don't fulfil just one criteria you can go no further. Commercial lending departments are more flexible.

Julian

Thanks Mat, for the pitch. Yes it's true if you just put property developer as this is what you are and put your income down as say 20K then there should be no checks at all as they are lending on rental and not you affording to pay the mortgage as they well know you cant pay two or three mortgages from your own pay packet so whats the use in checking your income.

Of cause you get the odd lender wanting proof that you do earn, but hey this is what you use a broker for to get you in on the one that does not ask for such things.

Alex oakhillmortgages.co.uk

Thanks for that Julian.