The Buy To Let Mortgage Survey 2015 … Latest Market Review & Information For Landlords

Unusual Mortgages are one of the UK’s leading financial advisers, who offer advice to people looking for Buy To Let and Let to Buy Mortgages. Over the last two years we have noticed a gradual change in the lending rules for applicants looking to finance Buy To Let properties.

We have noticed a clear attempt from the Bank of England, Major Lenders and the UK Government to control Mortgage lending in the UK and in particular the amount of money being borrowed by mortgage applicants. This has meant that many groups of people are finding it very difficult to find Buy To Let mortgage finance.

Here are some useful facts and figures from our latest research into the Buy To Let Mortgage Market …

61%* of the Mortgage lenders surveyed offer Buy To Let Mortgages, which means that not all mortgage lenders that you approach will even offer Buy To Let Mortgages to their own customers.

97%* of Buy To Let Mortgage lenders verify the applicants personal income in some way. For example, they ask to see payslips, bank statements, tax returns or business accounts. (Of course, this means 3%* do not verify income!)

The average personal income that is required by a Buy To Let Mortgage lender in the United Kingdom is just under £25,000*. Of the Mortgage lenders that have a minimum income level requirement, the lowest was £20,000* and the highest £50,000*.

19%* of Buy To Let Mortgage lenders do not have a minimum personal income level for an applicant to apply for a Mortgage.

75%* of Buy To Let Mortgage lenders require the mortgage to be finished before the age of 75, which of course is a major concern to people taking out Buy To Let Mortgages as their plan for retirement.

25%* of Buy To Let Mortgage lenders will allow borrowing to finish past the age of 75, which of course allows applicants to keep their properties as a pension into retirement. (Some lenders will allow an applicant to keep their Buy To Let property indefinitely!)

All of the above facts and figures were compiled in the summer of 2015 by contacting 70* of the UK’s leading mortgage lenders. The aim was to compile a general “market view” for both our existing and potential new clients. We quickly realised from this research that the number of mortgage lenders in the UK asking applicants for proof or verification of income has increased significantly.

We also identified that only a handful of Mortgage lenders will agree a Buy To Let Mortgage without a minimum income requirement in their criteria and even fewer mortgage lenders are now offering Buy To Let Mortgages without any minimum income or without verifying the applicants income.

This has therefore made Buy To Let Mortgages very difficult to obtain for Self Employed people in particular, but not completely impossible. If you are looking for Buy To Let finance without any minimum income requirement, or without any income verification checks, then give us a call to see if we can help with your search?

Visit www.unusualmortgages.co.uk for our free Large Mortgage Fact Sheet

If you require more information on Large Mortgages, Buy to let, Self Employed or Executive Mortgages you can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk

*All facts and figures in this report were compiled in the Summer of 2015 by our lead financial adviser Chris Morgan after contacting 70 of the UK’s leading mortgage lenders. 

This entry was posted in Buy to Let, Complex Mortgages, Landlord Mortgages, Let to Buy Mortgages, Multiple Mortgages, No Proof of Income Mortgages, Professional Mortgages, Re Mortgages, Self Certified Mortgages, Self Employed Mortgages, Unusual Mortgages. Bookmark the permalink.
  • COMPLEX MORTGAGE SERVICE

    Unusual Mortgages are specialist Independent Mortgage Advisers who are highly experienced in advising clients in Later Life Lending. Including Buy To Let Mortgages, End of Mortgage Term, Interest Only Mortgages Ending, Mortgage Term Ending.

    Our lead financial adviser Chris Morgan has 30 years of experience in Banking, Finance and Mortgage Advice.

    We have strong relationships with many off high street lenders, such as private banks, specialist banks, niche lenders and complex mortgage providers. Many offer exclusive products, that are tailored bespoke for clients and are only offered through financial advisers like ourselves.

    These are many of the areas in which we are able to offer advice. If you have a Mortgage Issue we can assist you with and it’s not on our A-Z of Mortgage Issues then please give us a call for us to for advice.

    A-Z of Mortgage Issues 

    • Adviser (Buy To Let, End of Mortgage Term, Interest Only Mortgage Ending & Marquee properties (Title Deed Issues, Two Kitchens – See sections below)
    • Braford & Bingley (End of Mortgage Term)
    • British Expat Mortgages
    • Buy to Let (Above Commercial Premises)
    • Buy To Let (Capital Raise)
    • Buy To Let (Declined High Street)
    • Buy To Let (End of Mortgage Term, also see End of Mortgage Term, Bradford & Bingley, Mortgage Express, Rosalite Mortgages, Rosinca Mortgages, Siberite Mortgages)
    • Buy To Let (Expat Products)
    • Buy To Let (Incomplete Proof of Income)
    • Buy To Let (Interest Only)
    • Buy to Let Mortgage (Impact of Tax Status)
    • Buy to Let (Minimum Proof of Income)
    • Buy To Let (Multiple Mortgages)
    • Buy To Let (No Minimum Income)
    • Buy To Let (Portfolio Landlords)
    • Buy  To Let (Rental Stress Test)
    • Cerburus Mortgages (End of Mortgage Term)
    • Citi Mortgages (End of Mortgage Term)
    • Complex Income Situations
    • Complex Mortgages
    • Country Properties (Marquee Properties Large Acreage)
    • Debt Consolidation
    • Declined High Street Lender (End of Mortgage Term)
    • End of Mortgage Term (Bradford & Bingley, Cerburus Mortgages, Citi Mortgage, GMAC Residential Funding, Halifax Mortgages, Heliodor Mortgages, Intelligent Finance, Jasper Mortgages, Landmark Mortgages, Mortgage Express, Northern Rock, Roselite Mortgages, Rosinca Mortgages, Seberite Mortgages, Topaz Mortgages, UCB Home Loans, UK Asset Resolution. Whilstree, TSB)
    • Equity Based Lending (End of Mortgage Term)
    • Exit Route – (End of Mortgage Term)
    • Expat Mortgages
    • Foreign Currency Income
    • GMAC Residential Funding (End of Mortgage Term)
    • Halifax Mortgages – (End of Mortgage Term – Interest Only)
    • Heliodor Mortgages – (End of Mortgage Term)
    • High Income Mortgages (Marquee Properties)
    • Higher Rate Tax Payer Rental Calculation (Buy To Let)
    • High Street Lender (End of Mortgage Term – Interest Only Exit Route)
    • High Value Mortgages (Marquee Properties)
    • Incomplete Proof of Income (SA302 & Self Employed)
    • Interest Only Mortgage (Buy To Let)
    • Interest Only Mortgage (Down Sizing Strategy)
    • Interest Only Mortgage (Exit Strategy)
    • Interest Only Mortgage (Later Life Lending)
    • Interest Only Mortgage (Term Ending, See End of Mortgage Term)
    • Impact of Tax Status (Buy To  Let Calculations)
    • Jasper Mortgages (Buy To Let End of Mortgage Term)
    • Kitchens (Multiple In One Property)
    • Landlord Mortgages
    • Landmark Mortgages (End of Mortgage Term)
    • Late Payments On Credit Record
    • Let to Buy Mortgages
    • Listed Properties
    • Marquee Properties (Two Properties, with Dual Title Deeds, Two Kitchens & Rural Properties With Acreage) 
    • Million Pound Mortgages
    • Minimum Proof of Income
    • Missing Proof of Income
    • Mixed Use Property
    • Mortgage Deeds (Two Properties, One Title)
    • Mortgage Term Ending (See End of Mortgage Term above)
    • Multiple Income Sources
    • Multiple Kitchens (One Property)
    • Multiple Mortgages
    • Multi Unit Properties (Multi Properties, One Title)
    • Mortgage Express (Buy To Let End of Mortgage Term)
    • Mortgage Rejected (By High Street Lender)
    • No Minimum Income (Buy To Let)
    • Northern Rock (End of Mortgage Term)
    • Nurses Income (Agency and Bank Hours – Only where declined by High Street Lender)
    • Portfolio Landlords
    • Professional Mortgages
    • Proof of Income (Problems meeting lender criteria)
    • Property Income (Problem meeting lender criteria)
    • Re Mortgages (Capital Raising)
    • Rosalite Mortgages (End of Mortgage Term)
    • Rosinca Mortgages (End of Mortgage Term)
    • Rural Properties (Mixed Use Properties)
    • SA302 Income Proof (Problems Producing Proof of Income)
    • Self Employed Income
    • Self Employed Mortgages.
    • Siberite Mortgages (Buy To Let End of Mortgage Term)
    • Stress Testing Portfolio’s
    • Split Title Deeds (Annex and House)
    • Thatched Roof Properties
    • Title Deed Issues (Multi Units One Title, Marquee Properties, Rural Properties With Acreage, Two Kitchens)
    • Topaz Mortgages (Buy To Let End of Mortgage Term)
    • Two Kitchens (One Property)
    • UCB Mortgages (End of Mortgage Term)
    • UK Asset Resolution (End of Mortgage Term)
    • Utilising Other Income
    • Utilising Property Income
    • Willstree Mortgages (End of Mortgage Term)

    We have only a few types of mortgages where we do not offer advice

    • Auction Property
    • Bridging Loans (Unless the borrower is looking for an Exit Route)
    • Contract Races
    • Guarantor Mortgages
    • Help To Buy
    • New Build Property (Unless the property is already built and ready to move into)
    • Shared Ownership

    Lead Financial Adviser Chris Morgan, FPC, CeMap, CeRER. 

    Chris Morgan is the Lead Financial Adviser at Unusual Mortgages with over 30 years experience in Banking, Financial, Insurance and Mortgage Industries. He has worked for three major banks in his career – Lloyds, HSBC and Barclays.

    He is the former resident financial adviser for Barclays Regent Street, Liberty’s and Mayfair group of branches and been an Independent Financial Adviser since March 1999, when he created his own advisory practice Compass in Soho London. He has also been the Lead Financial Adviser at Unusual Risks and Unusual Mortgages, since 2009.

    He is a former Financial Adviser of the Year, Barclays Young Business Person of the Year and finalist in the FT Adviser Mortgage Adviser of the Year contest.

    He has also won a host of other community and industry awards for his consumer facing work within the finance industry.

    Chris has recently been shortlisted at The European Diversity Awards for Barclays Campaigner of Year. This is for his work as a Diversity Leader within the UK Financial Services Industry.

    *PLEASE NOTE

    Authorised and regulated by The Financial Conduct Authority. Please note most Buy to Let mortgages are not regulated by The Financial Conduct Authority.

    Fees will apply for mortgage advice. We charge a set fee of between £1295 and £1495 per mortgage application, dependent on the amount of work involved, the type of mortgage you are applying for and any commission we receive from the lender on completion of your mortgage. Please contact us for a specific quotation.

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