Categories: guides | guides buy to let mortgage guides | holiday let guides
guidesA call came in to our team at a critical time for a prospective landlord, who had been hoping to get a holiday let mortgage. They had been miss-informed that their personal income would stand in their way.
The client had started down a path to completing a standard buy to let mortgage instead, but luckily decided to double-check what they had been told, and gave us a call.
This particular case really highlights why dealing with a specialist broker, when it comes to mortgaging rental property, can make a world of difference.
Watch our video guide for the details and if you have been turned down for a buy to let mortgage, for any reason, talk to our advisors, a short conversation might get you a ‘yes’, when someone else has said ‘no’.
Video guide transcript: Check your buy to let mortgage eligibility with a specialist broker
“We had a client approach us who was told by another broker that they wouldn't be able to obtain a holiday let mortgage, because of low personal income.
“What they did instead was start to pursue a standard buy to let mortgage, and they were fairly far along the line of going through the process. But they just thought ‘hold on a minute, I'm just going to make sure I am definitely doing the right thing and it's definitely not possible’. They came through to us, told us about their scenario and went through all of the details and we were able to find a lender.
“The point is that there will be lenders who have minimum income requirements, and that's true with both holiday lets and buy to lets. But, there are also lenders who will be absolutely happy to consider the scenario, as long as they can see some sort of income.
“What they care about is the fact that there is income available, if you've got a situation where you've got no tenants in your property, or if it's a holiday property and if it’s the low season when it's not occupied, as often as you want it to be, obviously you need to make your mortgage payments.
“The lender just wants to be comfortable with the fact that you will still be able to cover those mortgage payments in a situation like that.
“You need to remember that there are some brokers that will have a more restricted lender panel than others, but we are a buy to let, holiday let and commercial specialist broker. We've got a very broad panel and we do have lenders who can consider all of those different types of scenario.
“If that is something that you are looking to do and your income is a little bit lower than you thought you might need, give us a call.”