Buy-To-Let Self Certification Mortgages – Be a Self Cert Landlord
If you cannot prove your income it is tough to get a loan. Lenders do not want to give someone money on promises of income, rather than the solid evidence of a PAYE. This goes double if that person is looking to extend their finances and invest in the buy-to-let sector. If this has been you and you have had difficulty investing thanks to being a non status borrower then why not try buy-to-let self certification mortgages. Just because you cannot prove your income does not mean you are not able to upkeep multiple mortgages – and there are lenders out there who know that. If you can prove a good financial past and have the collateral to fund your new enterprise then talk to a broker and see if you could be eligible for buy-to-let self certification mortgages.
Recent reports have revealed that the UK housing market is in a slump with house prices falling by 1% since 2007* - which is not the best news for most homeowners, but great news if you are looking to enter into the buy-to-let market. To take advantage of this buyer’s market, you will need a mortgage that can stand the test of time and see you through to the next house price jump. Buy-to-let self certification mortgages could be cheaper than you expected - and with possible extra income streams that come with non status employment, as well as a healthy rental market there is no reason why buy-to-let self certification mortgages could be the first step in a profit-making venture.
Of course, buy-to-let self certification mortgages are not only for those who are looking to invest in the rental industry for the first time – current landlords could take advantage of the benefits of being a self cert earner. If you have one or more properties already in your portfolio, why not remortgage them and your own home with self certification mortgages. With all the rent you could earn, it could be difficult to prove your income and get better mortgages for your properties. But with buy-to-let self certification mortgages there is no need to prove income, so you could get yourself a better deal.
If you think you could benefit from not having to prove your income streams and getting buy-to-let self certification mortgages, be ready to get everything in order. The housing slump has come as mortgage rates are rising, along with a sharp decrease in mortgage approvals – so to get your hands on buy-to-let self certification mortgages you need to be as tempting as possible for lenders. Get your finances in order, make sure your credit is clean and most importantly have a plan. If you want to be a landlord, or are currently a landlord, you need to show that you have the potential to handle multiple debts – so show you have recognised every eventuality and problem and are ready for them all. Buy-to-let self certification mortgages can be a great way to get a better mortgage for your rental properties, but they can also be a nightmare if you cannot afford to keep up with them.
*Nationwide House Price Index, April 2008
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