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  1. #1

    Aaarrghh Mortgage advice plz

    Im running around in circles here so thought I would try the mass of knowledge here.

    The simple question is this.
    Can I get a buy to let mortgage even though I dont own my own property ?

    Here is the deal. Im in a fortunate position that I have a reasonable wedge of cash to put down for a deposit on a buy to let mortgage. However ! lenders I have tried so far will not lend me the cash because I am in a rental and dont own property. .

    The area I want to buy in gets a high yield in rent back which would easy pay the mortgage but without having property as collateral I cant get

    Banks are willing to chuck cash at folks who cant afford it, people like me that have zero debt,earn a pretty good income between us and that could potentially have a safe investment and be able to pay back and mortgage easy, no ! :-(

    So to the collective here. Is there any way around this ? Anybody come across this situation before ? What are my options ?

    If I cant invest Im off to Vegas and blow the lot on gambling and strippers.

  2. #2
    Yes. You can.

    Independent brokers are familiar with the lenders who will lend in such circumstances and will find you the best deal.

    Ask friends and relatives for a broker recommendation.

  3. #3
    Thank you KS, I will have a hunt around.

    Anyone recommend a broker in the Surrey area ?

  4. #4
    Are all your household bills in your name? If not, could you not say you live with family and need your own place... first time buyer etc. Live in the property a little while (not sure of the rules) then (as you will have a mortgage) ask the mortgage provider if you can convert to buy to let? Not sure of the rules here but just throwing this out there... I'm sure someone will correct me if wrong.

  5. #5
    There are about five lenders that do not ask you to own your own home. Two of them will say no if it is your first buy to let.

    That leaves a slim pool to fish in.

    As Kingstreet said, a good Broker can assist you. That Broker does not have to be in Surrey unless you are keen to attend meetings.


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