Buy to let Portfolio

Posted on 11 December 2011 by Fi


My husband and I have separated. I remain in the family home with the children, but we have several buy to let properties currently in joint names. Is it possible for me to get a buy to let mortgage on some of these if I am not working but do have a lump sum in the bank?

Fiona

As an existing landlord it should be possible for you to transfer some of these properties into your sole name despite not having any earned income.

Some lenders will just want to make sure that the current rental income is sufficient to cover the mortgage payments with an additional allowance to cover unexpected outgoings and rental voids, whilst others will want to see that you have an existing contingency fund equivalent to 6 monthly payments.

Depending on your existing financial records, it may also be possible to class you as a self employed landlord.  In this instance it would be possible to have accounts drawn up showing your income and expenditure for the rental properties and hopefully this would show a net profit that you could declare as income?

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to advise you on your situation.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.