Can I apply for a buy-to-let mortgage?

Posted on 20 October 2007

I am 50, wish to buy my husband out of marital home as we are separating. Property mortgage free.value £160,000. Loan required £80,000. Can I apply for a buy to let mortgage to purchase amount of rental earning required? What level of earning would I need for a traditional type mortgage?

Gayle

Hello Gayle,

You can only apply for a buy-to-let if you are going to let out the property. For £80,000 the rental income needed would be between £380 and £460 depending on how big a fee you are willing to pay up front.  For an £80,000 loan on a traditional (residential) basis, I imagine lenders would be able to look at this for you with an income of £20,000 or perhaps less, assuming your credit score is good, because your deposit is half the value of the property.

Regards.

Category: Buy-to-let

 

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