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Buy To Let - No Income

Witten By: by Darren Ferguson

A Buy to Let with no personal income - no problem

Our client owned 2 assets, her main residence and the newly built BTL property.

The BTL was valued at £850k with approx £80k of bridging secured on it. Our client was also looking to capital raise to fund her next project, for an amount in the region of £400k to £500k.

The client had been living off savings and had let the property for just a couple of months, but had no provable means of income and had been out of work for 3yrs.

With no landlord experience, no employment and no provable means of income this effectively ruled out all the usual BTL lenders.

 Charleston presented a case to one of our commercial lenders in the hope for an exception based on the fact that the client was asset rich, had no other debt and was now in receipt of rental income for the last couple of months. We were able to gain agreement to lend an amount of £437,000 on a 5yr fixed @ 4.44%, enabling the client to move onto her next project.


Customer Requirements


 Product Type Buy To Let Mortgages
 Property Type Residential Buy To Let
 Completion Early 2021
 Loan to value 52%
 Property Value £850,000
 Location London


Financial Package Delivered


 Charleston Advisor Cara Delemere
 Loan Manager Karen Ford
 Lender Shawbrook Bank
 Loan £437,452
 LTV 52% LTV
 Interest Rate 4.44% 5yr fixed
 Repayment Type Interest only


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