If you’re a landlord who is currently out of work or unemployed who wishes to buy a new BTL property or perhaps raise finance against an existing portfolio then you may have found it difficult to obtain the finance you need with many of the mainstream mortgage providers. Lending Expert have access to a range of first and second charge mortgage products at Max 75% LTV that offer landlords flexibility and accept various none mainstream applicant types.

With this lender there is no requirement to show personal income or proof of rental income, and applicants are accepted with various credit issues that would normally be rejected by mainstream lenders. Lending can be against most property types including semi commercial buildings and HMO.

Applicant types accepted are:

• Unemployed applicants with no income

• Retired or a pensioner over the age of 65

• Self-employed with limited business accounts

• No proof of income or earnings

• No proof of rental income

• Ex pat landlords

• Portfolio landlords who own multiple properties.

• Landlords who are up to the age of 80 upon application

• Landlords with adverse credit, CCJ’s or a history of defaults

• Landlords who are in receipt of pension income or benefits

• First time landlords or applicants with no mortgage history are accepted

Property types accepted include:

• Flats above shops and semi commercial buildings

• HMO

• Ex-Council houses

• High-rise flats and maisonettes

• None standard construction properties

Key Criteria

• Rental Income from 125% – rental income must cover the new Buy to let mortgage by 125% for basic rate tax payers. Additional provable income can supplement a shortfall in rental coverage if that is required.

• Loans from £10,000 – £1,000,000

• Equitable charges available

• First and Second charge loans available

• 75% loan to value

• No minimum valuation

• No minimum 6 months ownership rule which allows for instant refinancing

• No minimum income criteria – can have self-employed less than 12 months

• Trading, retired or employed landlords on low incomes.

• Adverse Credit – over 12 months old ignored from a pricing point of view

• Adverse Credit – under 12 months old considered

• No mortgage history required

• Limited Company enquiries considered

• 25% Family Gifted Deposits paid also considered

• No credit check is required

Mortgages can be arranged for a wide range of legal purposes examples including debt consolidation, home improvements, business use, buy to let funding. If you would like to learn more or request a personal quote you can contact Lending Expert using the contact form here on the website or alternatively you can speak with a CeMap qualified advisor on 0161 820 8099.
 

Also See:
Buy-to-let mortgages with no proof of income