Mortgages for Business is committed to keeping both our staff and clients safe during the COVID-19 outbreak while maintaining the best service possible. Our teams are working from home from Wednesday 18th March, but don’t worry, you can contact us in the usual ways. To find out more about our business continuity plan, please click here.
To read our comprehensive FAQ guide on how the emergency interest rate reduction and Coronavirus outbreak could affect your mortgage, please click here.

Do borrowers need a minimum income to invest in a holiday let? What about retired people?

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.

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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