Unusual Risks are specialist mortgage advisers that assist people in Unusual Circumstances, such as Self Employed people that have difficulty proving their income, or those looking for multiple mortgages. Although there are no longer any “Self Certified” residential mortgages available, there are in fact still mortgages available to property landlords that do not require any confirmation of Income.
There are a number of Equity based mortgage lenders that will lend mortgages to professional landlords using the rental income of the property to meet their criteria. The Mortgages are normally agreed by using specific calculations to check there is enough rental income to cover the monthly mortgage payments. We have recently been approached by a number of clients who have found properties that they wish to buy, but were unsure if the rental income was viable enough to secure them a mortgage.
Here’s an example of a recent Buy To Let Mortgage that we arranged and the Income Calculations used ….
Simon (Aged 45) is a retail manager based in London who has found two flats that he thinks will make good investments for his future at £250,000 each and he would like to borrow £180,000 on each. He contacted us because his Self Employed income has been inconsistent and he is worried that a lender would ask to see his annual accounts or tax returns?
He is looking to hold these properties as a long term investment that will help him to supplement his pension income in the future. Each property is likely to bring in a monthly rental income of £1000 per month and are in a very strong letting area close to a University.
We were able to find Simon two lenders, who were prepared to lend to him on the basis of a good deposit and him not having any adverse credit against his name. The monthly rental income was enough to cover the monthly payments, independent of his personal income shown on his self- assessment forms.
Lenders vary wildly in regards to their rental assessment criteria for Buy To Let and Let to Buy Mortgages. Many lenders will use a nominal rate of interest that is above the interest rate they actually charge for the purpose of their calculations, which can effect an applicant’s ability to get a mortgage.
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 proof of income or need help assessing the viability of a letting property 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