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Buy To Let Mortgages - Is It Really That Easy?

April 13, 2012 | Comments: 0 | Views: 105

I thought it would be a good idea to write out some true facts of getting a Buy to let mortgage as many people often get misinformed by what others say and believe those facts too much before consulting with a professional.

The number one thing to do is to shop around and see if you can get yourself a good deal with an independent mortgage adviser and consult with him personally on the situation you are in and the kind of criteria you need to meet in order to be eligible for a Buy to let mortgage.

Here is some basic information that might help you figure out if this option is right for you.

It is much easier to get a buy to let mortgage if you are already an owner of a residential property mainly because your income does not matter as much to the lender. There are obviously few things that you need to be aware of in this case. You will need to prove that you have lived and owned the residential property for at least 6 months, at the time of the first mortgage application.

If you do not yet own a house and are a first time landlord the situation changes dramatically and this is the criteria you are expected to meet.

Firstly you need to earn at least £25000 per annum in order for anyone to consider your application. Not only this but you also have to be in a permanent employment that you can either prove by providing 3 months' payslips or if you just started working for the company 1 month's payslip might be accepted with a confirmation letter from the employer depending on lender's wishes.

This already looks like a lot to ask for but there is an easier way around it if you are willing to take on a mortgage with someone else - perhaps a husband, partner or a parent. In this situation all the above requirements are still the same but you will be expected to meet them between the both of you so you can earn a minimum of £12500 each and both be in a permanent employment and you will still be eligible for a buy to let mortgage.

This is not to say that all lenders will have the same requirements as a lot of them can ask for a larger minimum earning amount so as mentioned above don't let anything or anyone fool you and speak to an independent financial advisor as soon as you are ready to make a move.

If you need any more information or simply help with finding the right financial help please get in touch with us at Yorkshire Property Deals or visit our website at

Source: EzineArticles
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