Buy To Let Mortgage With No Income For Penthouse In Leeds

Most aspiring property investors assume a buy-to-let mortgage needs to be supplemented with your own salary for affordability purposes.

But did you know that it’s actually possible to secure a buy-to-let mortgage solely based on the rental income that property will provide?

Here’s how it works in practice.

The Scenario

Our client had built up substantial capital after selling his farming business for six figures.

He was now looking to diversify his investments and income streams with the proceeds.

While he’d already invested in a stocks and shares portfolio, he now wanted to diversify into property - specifically the buy-to-let market.

He’d found a £940k Leeds penthouse on offer that he planned to rent out to high earners in the city. However, buying outright would use up the majority of his cash reserves, and he wanted to build a portfolio of buy-to-lets to protect his rental income from any patchy tenancy periods.

But with absolutely no income after selling his farm, he assumed he wouldn't qualify for a BTL mortgage.

The Solution

We identified a lender who looked beyond income to our client’s overall financial strength.

Our client still had sizable cash reserves, and this lender could consider this as evidence he could repay the loan.

We were able to secure the 50% LTV buy-to-let mortgage based solely on the rental projections - no income required.

The flexibility of this financing solution means he can now spread risk across multiple assets as he still has cash in the bank to invest, while the rental income will go towards covering the interest repayments.