Do borrowers need a minimum income to invest in a holiday let? What about retired people?
If borrowing with a commercial mortgage the lender is unlikely to impose any minimum income requirements. If, however, the borrower has managed to get a buy to let mortgage, they will be subject to the lender’s standard income requirement criteria.
The same will apply to retired people subject to maximum age limits, although if borrowing on a commercial basis, they will need a solid proposal, strong trading figures and a feasible succession plan in place.
If you would like to speak through the options available to you please give us a call on 0845 345 6788.
1st January 0001