Many lenders will be willing to provide a Buy-to-let mortgage without any employment income, as long as you can prove your financial situation is sustainable. The focus for most Buy-to-let lenders is the rental income that the property can achieve on the open market.
The way that Buy-to-let mortgages are assessed is very different to a typical residential mortgage. The lender will make an assessment of how much rental income they believe the property can achieve on the open market. Consideration will also be given to the applicant’s tax position and the value of the property.
A Buy-to-let mortgage is similar to a regular mortgage in the sense that you will typically make monthly payments to cover either the capital and interest or just the interest. Importantly, the way the mortgage is assessed is slightly different. The lender will focus more on the rental yield achieved by the rental property as…
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The minimum deposit generally required for a Buy-to-let mortgage is 20%, but as with a residential mortgage, a greater deposit will give access to lower mortgage rates. There are a handful of lenders who may offer a mortgage with a lower deposit, but this will depend on availability at the time of application.
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