Buying to let property?
What criteria is required for buy to let apart from the deposit? Do you have to own a property of your own first?
Asked on Jan 19 2013,
General in London |
Anyone can buy a letting property with about 20% deposit minimum. There's lot's to consider though as it can be a bit of a minefield.
Answered on Jan 21 2013,
As mentioned above, it will not matter whether you own a property or not as to if you can get yourself a mortgage for a buy-to-let property. However, as with any form of lending, different organisations will have their own criteria.
For example, most will look for you to have an independent form of income over and above the rent that you will be bringing in once you have tenants in your property. In general, for those who are employed by companies, they will look for continual employment of more than three months, while self-employed people will need to prove that they have been bringing money in for at least a year.
Some will also accept retired Brits who have a private pension fund as well.
The value of the mortgage you will be able to get will depend on how the market you are buying in performs. Most will assess on single lets (to a family or a couple). For those looking to buy and let to sharers, income can be higher, but fewer lenders will use this to calculate income.
Answered on Jan 23 2013,
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