Non Status Buy to Let Mortgage
Non Status Buy to Let Mortgage - Invest Without Proof of Income
A non status buy to let mortgage is suitable for many borrowers looking to invest in property. But what is a non status buy to let mortgage and who should get one?
A non status buy to let mortgage is designed to allow borrowers to buy a property 
to let out, without having to prove their income. Buy to let mortgages work like a traditional mortgage, except that the lender usually works out what you can borrow by taking into account the potential rental income of the property. For example, if you buy a place that could achieve a rental income of £1,000 a month and the mortgage repayments are £800 the mortgage lender might deem this a reasonable risk and lend you the money.
But there are occasions for every landlord when they will face a rental void - for example when one tenant moves out but another doesn't move in for a couple of months. Also, there are unforeseen expenses - if the boiler breaks down for example the landlord has to foot the bill. So lenders usually check the borrowers (or landlord's) income as well as the potential rental income of the property, to ensure you could cover the odd void period. This is where a non status buy to let mortgage comes in.
A self employed borrower may find it difficult to prove their income, because they minimise their earnings (in accordance with accepted accountancy practice, of course!) in order to pay less tax. But a non status buy to let mortgage enables them to declare their income without having to verify it. In addition to the expected rental income, the lender is able to make a decision about how much money they will lend.
A non status buy to let mortgage is not just useful for self employed landlords, but for anyone who wants to invest in property without proving their income. By taking out a non status buy to let mortgage you can speed up the mortgage process, particularly if you have multiple sources of income that would be difficult to prove - such as commission-based earnings.
In conclusion a non status buy to let mortgage allows you to invest in property quickly and easily and without having to prove your income. They are available from a range of lenders, some of which are only accessible through mortgage intermediaries. So if you are considering a non status buy to let mortgage the best way to find one could be through an expert adviser.
In general Buy to Let mortgages are not regulated by the Financial Services Authority.
