Possible to get a BTL with no job?

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  • Possible to get a BTL with no job?

    Any pointers on getting a BTL mortgage with no job? Would be putting down 30% deposit

  • #2
    As long as you have (usually..) £25k pa income apart from property.. I've done it..

    'phone a mortgage broker specializing in B2L & ask...

    Cheers!!
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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    • #3
      Yes, I don't earn 25K. As long as your rental will cover 125% of the mtg (I think) you stand a chance.

      But yes, see a broker.

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      • #4
        There are some products and a mortgage broker will advise you - get him to check as many deals as possible because the fees are generally a bit higher if you don't have a regular income.

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        • #5
          Yes you should be able to

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          • #6
            Try a mortgage broker

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            • #7
              you would need a very large deposit in todays market!

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              • #8
                Yes it is possible providing that you have other income.

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                • #9
                  Most lenders's criteria for offer of Mortgage is that the loan will not exceed 3.5 times the borrower's annual earnings. So if you have no job, you don't qualify.

                  So use you 30% deposit and buy a small house in Chicago USA. Houses are so cheap there and you can get 10% yield as advertised on the web . So investigate .

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                  • #10
                    Originally posted by Gordon999 View Post
                    Most lenders's criteria for offer of Mortgage is that the loan will not exceed 3.5 times the borrower's annual earnings. So if you have no job, you don't qualify.
                    .....
                    Gordon - surely "income" not "earnings". & "So if you have no income...."???

                    Many people have income but no job ....
                    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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                    • #11
                      Originally posted by Gordon999 View Post
                      So if you have no job, you don't qualify.
                      Hmmmmmmmmm

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                      • #12
                        Can you name 2 lenders for OP ( without job) to approach and make application for a "mortgage approved in principle" ?

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                        • #13
                          If you're retired with no job, you can still get a BTL providing you have other income (as previously mentioned) i.e. pension income. Therefore on face value, you don't need a job to obtain a BTL. Hope that makes sense.

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                          • #14
                            Originally posted by Gordon999 View Post
                            Can you name 2 lenders for OP ( without job) to approach and make application for a "mortgage approved in principle" ?
                            TMW all day long will go age 90, interest only, no proof of income required

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