Buy to Let Joint Mortgage

Can I get a joint Buy to Let mortgage if my partner is a First Time Buyer?

It’s doable, but with caution. If your partner is a First Time Buyer and is added to a Buy to Let mortgage, they could lose their First Time Buyer status for stamp duty relief.

Not all lenders allow First Time Buyers and inexperienced landlords to buy, so bear that in mind – criteria definitely plays a role here. We always recommend discussing the long term strategy with a broker first.

What if I’m self-employed? Can I still get a joint Buy to Let mortgage?

It’s not an issue for us or lenders – being self-employed isn’t a problem. Lenders will assess your income based on your SA302 and your tax year overviews. Usually lenders look for two years’ records, or certified accounts from your accountant.

If you are a joint applicant, particularly, it’s easy to get a mortgage if you are self-employed.

How does remortgaging a joint Buy to Let mortgage work? Are there any differences here?

The process is very similar to a standard remortgage except, again, both applicants need to provide their documentation. That means up to date proof of income, ID and affordability information.

If you’re adding or removing a name, this counts as a remortgage with a title change, which may involve solicitor fees, land registry updates and possibly new product fees.

Switching lenders to get a better rate is typically a straightforward remortgage, even if you are a joint borrower.

Can I get a joint Buy to Let mortgage with bad credit?

You definitely can get joint borrowing with bad credit, but it does have its limitations. Usually you’re looking at higher interest rates. Some lenders may not do it if you don’t pass their credit check, but other more specialist lenders will.

There may also be criteria issues. You may need to put down a larger deposit, or the rental income may need to be slightly higher. For severe credit issues, specialist lenders may still be a solution, but you can expect much higher rates and lower Loan to Value caps.

How can a mortgage broker help here? Is there anything else to add?

I believe a broker can make a huge difference. We will match the right lender to an applicant’s criteria. We can navigate complex income structures. If you’re self-employed or you’ve got multiple income sources, we can definitely help get the right lender for you.

We can structure your application for the best chance of approval. A broker can also explain ownership structures and advise on stamp duty and tax considerations. We are here to help you in all kinds of situations.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.