Updating post from Reddit.
Hi everyone, I’m looking for some advice on remortgaging.
I’m currently on a standard fixed-rate repayment mortgage with a consent to let. Both the fixed rate and the consent to let will expire at the end of November. My LTV is 59%.
Ideally, I’d like to move onto a buy-to-let mortgage, but this is proving tricky as I’ll only have three months’ worth of payslips at that point.
I have great, reliable tenants who are happy to stay longer, so I’m keen to find the best way forward.
Find a good mortgage broker and you won’t have any issues. 3 months payslip is usually enough anyway. I would get the ball rolling soon.
Exactly this btl lenders will normally let on rental potential too
Look at icr it effectively means how much rent you need to clear in ratio to the mortgage monthly payments. It around 125% for basic tax payer and 145% for higher tax payer.
Meaning someone taking out a btl mortgage on £1k pcm would need to make sure rent per month is £1250 basic payer and £1450 higher rate.
> I’d like to move onto a buy-to-let mortgage, but this is proving tricky as I’ll only have three months’ worth of payslips
Who is telling you this will be tricky?
There are lots of Buy-to-Let Lenders that have a "No Minimum Income" requirement:
https://cyborgfinance.co.uk/buy-to-let/criteria/affordability
When it comes to buy-to-let, affordability is mainly about the rental income of the property. They do want to check your personal finances but only to ensure that you can support your lifestyle (not using all the rent, that's needed for the BTL Mortgage).