Self certification buy to let mortgages...

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The amount that you can borrow with a buy to let mortgage is generally based on the rental income that the property to be purchased will generate, rather than your own personal income. You may find in many cases that lenders require no proof of personal income, as with self-cert or non-status mortgages . The advantage of this system for you as an investor is that you can build up a large portfolio of investment properties, even if your personal income is not particularly high. Different lenders have different ways of working out affordability, however, so it is important to seek advice as to how much rental income each lender would require.

Although buy to let lenders will concentrate on the merits of the property you are buying, it is still important to consider that bad credit can restrict your choice of buy to let lenders, sometimes to a greater extent than it restricts your choice of residential mortgages. You may find, for example, that many lenders will only lend up to 80% of the property value, or only lend on specific property types, or simply not lend at all.

Contact us today and we will advise youwhat each lender will be prepared to offer you, and how your credit history or personal income may affect your borrowing power.

Note that Buy to Let Mortgages are NOT regulated by the Financial Servcies Authority