The most common type of enquiry we get at Unusual Mortgages is from either existing landlords or future potential landlords who are looking for Buy To Let Mortgages. By far the most common reason for them contacting us is, that they are having problems finding mortgage lenders that will offer them a mortgage without any proof of income.
Commonly known in the past as “Self Certified” mortgages, many mortgage lenders have now stopped offering what has traditionally been known as “Zero Income” or “No Proof of Income” mortgages. However, there are in fact still some Equity Based lenders in the mortgage market that are offering Let To Buy and Buy To Let Mortgages to landlords without any minimum income checks or proof of income.
Here’s an example of a recent Let to Buy / Buy To Let Mortgage that we arranged …
Clive, Aged 49 is self employed in London as a health consultant. He is looking to let out his current home that is worth £800,000 and move to a new apartment outside of London. His income has been inconsistent over the last 3 years, so he would prefer not to have to show his tax returns and accounts if possible to the mortgage lender.
His current mortgage is a residential one for £135,000 and he’s looking to re mortgage and take out enough money to pay for his new residential home outright. His current property will rent for £600 per month, so there will be enough money coming in from tenants to make the monthly payments on his new Buy To Let Mortgage.
We were able to find him a Buy to Let mortgage for £500,000 without him having to show any proof of income, as the mortgage lender was prepared to offer him a mortgage based upon an assessment of the rental income alone. This enabled him to withdraw £365,000 to fund the purchase of his new apartment in Brighton.
Unusual Mortgages are specialist experts at finding mortgages for people in Unusual circumstances, such as inconsistent income, no minimum income, no proof of income, multiple mortgages, let to buy and buy to let mortgages. If you are looking for a Buy To Let mortgage without any minimum income checks or proof of income then give us a call and see if we can help.
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