Will a drop in my personal income stop me remortgaging my buy to let property?

With any buy to let mortgage application, your personal circumstances are a big part of the picture, alongside the property details.

As all landlords know, life throws all sorts of changes our way, some of which are chosen, whereas others are thrust upon us. In the case study below, our landlord client had made a decision to change direction in their career and go back to studying. 

This was a big life change and a significant financial change, which in the client’s mind could cause a buy to let remortgage to be difficult.

If your income or circumstances have changed significantly since your last buy to let mortgage, and you are unsure if that will impact your success with your next application, get in touch with our team today.

Video guide transcript: My circumstances have changed, can I still get a buy to let mortgage?

“Landlords and property investors, are you concerned that a change in your personal income will stop you getting a buy to let mortgage?

“Think again, we can help.

“We had a client recently come to us, have taken time out from a high income earning employment to change career path. 

“The client owned a commercial premises in the background, but unfortunately, at the time of application, it wasn’t income generating, because it was being converted from commercial to residential in order to let. 

“So, we dug a bit deeper, and it turns out the client was letting rooms within her home, in order to get a bit of income - and that was plenty. 

“A lender just wants to know you've got a bit of a B-plan, if the rental income stops coming in. And, we were able to get, not just a specialist rate at a higher interest rate for her, we were able to get a really competitive high street rate for her. 

“The only thing we did have to help with along the way was that her limited company was set up with the wrong Standard Industrial Classification code. 

“But, we pointed that out to her, and she got that sorted before the application was complete and then everything was smooth sailing. 

“So if your income has changed, don’t panic. Get in touch, we’re Commercial Trust. You can message us in the comments, find our phone number in our profile or go to www.commercialtrust.co.uk and get in touch, we're here to help.”