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Obtaining a mortgage with no regular income

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  • Obtaining a mortgage with no regular income

    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.


  • #2
    Re: Obtaining a mortgage with no regular income

    Based on your post, you seem to own your current home (aside from the 3 BTLs), but no details are given. Are you selling it in order to buy a bigger property?

    Income from BTL property is not always accepted by lenders, but when they accept it, normally want 1-3 years self-assessment tax return to prove the income as reported to HMRC.

    Re your income - I assume you've been completing the self-assessment tax return anyway to report a summary of the various jobs and incomes you've been getting. If so, then the last couple of years tax calculation (formerly called SA302, which is a summary of the reported income) could be used as proof of income for you.

    Re your other half - their income could also be used to calculate how much you could borrow.

    Of course, all will depend on the details, so advice here can only be given as far as the above and then the details will need to be reviewed in order to help you further.
    I am a Mortgage Advisor
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    • #3
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