Can I get a buy-to-let mortgage on a single income? Single person mortgage advice

Tailored advice into getting a buy to let mortgage with a single income

5 Stars

Over 3,500+ reviews. Rated "Excellent"

Buy to Let as Single Income Parent

As a single parent on a relatively low income, your options are limited when it comes to securing a mortgage to buy a property you'd like to rent out – particularly if you are already paying into a mortgage on your own home.

However, you don’t necessarily have to put the brakes on your dream of owning a rental property. There are some specialist lenders who are willing to consider every type of single parent mortgage application. After all, with a head for business and a good credit record, it could be just what you need to help with your regular mortgage payments and monthly bills.

All you need now is a mortgage lender who specialises in mortgages for single parents – and that's where CLS Money will help match you with your perfect partner.

What to consider when applying for a Buy to Let mortgage

A Buy to Let (BTL) mortgage is designed for people who are looking to purchase additional property and rent it out in order to make a profit on their initial investment. In the UK, there are no limits on how many properties one person can own – so, as long as you understand your responsibilities and duties as a landlord, it can be an incredibly lucrative way to generate capital.

Obviously, price is a very important factor, as it will directly affect the viability of your investment. When working out how much you can afford, you will need to consider how much you will need to set aside for the payments on your home mortgage (if you have one) or rent, as well as any other financial commitments that could affect your ability to keep on top of your BTL mortgage repayments. Remember, too, that Buy to Let deposits are significantly larger than those for a standard residential mortgage. You will usually need a bigger down payment to not only secure a mortgage in the first place but access the most competitive rates.

Buy to Let mortgages have been notoriously difficult to obtain in the past due to stringent income and affordability checks, not to mention volatile markets. For the best chance of success, it’s important to explore all your available options before making a decision on which lender to use, and that's where an experienced mortgage broker like CLS Money can make all the difference.

How will being a single income parent affect your BTL mortgage application?

Being accepted for a residential or a Buy to Let mortgage as a single parent can be tough, mostly due to the fact that you are unlikely to be bringing in a full-time income. Not all single-parent families are existing on low incomes, but many lenders are likely to red flag them as high risk anyway. Given how unfair that is, we're here to fight the corner for every single parent, despite their income and outgoings, tracking down a lender that can provide the mortgage interest rates and repayments they can comfortably manage.

Most lenders will allow you to borrow up to five times your annual income. This means that if you are on a lower wage because you are juggling work with childcare, your borrowing capabilities will be reduced.

Some lenders can be very strict when it comes to their eligibility criteria, and although every provider will have their own scoring system, many of the High Street lenders are likely to turn you down if you are a parent with a single income. Alongside other checks, many providers will want to take your outgoings into account to make sure you have a sustainable debt to income ratio. That includes items such as personal loans, monthly outgoings, the rent or mortgage payments on your own home, and of course, your approximate annual income.

Be aware of your lender's checks when you’re putting together your application. Many companies will want to ensure that your rental income will be at least 25% above your mortgage payment.

It’s not all bad news, though, as we're here to help guide you through the entire process. As a single parent, you can use often tax credits towards your application, including:

  • Child benefit payments
  • Income from a job
  • Tax credits
  • Universal credit
  • Maintenance payments (from the child’s other parent)

If you are a single income parent and are looking to get a Buy to Let mortgage, it’s vitally important that you use a specialist broker who can put you in touch with many lenders understanding of your situation.

Why use a mortgage broker?

Securing a Buy to Let mortgage on a single income can be a challenge – but as mortgage brokers, we will be by your side throughout the entire process.

After scouring the market for suitable Buy to Let mortgages from companies who might be willing to lend to you, we’ll present you with a series of quotes. There’s no charge for this initial consultation service, so you can pick our brains as much as you like and explore your options in lots of detail before you decide to go ahead.

Book in for your initial meeting now and see if you could indeed be eligible for a Buy to Let mortgage. We offer appointments during the evenings and at weekends, so it’s easy to fit a chat into your busy schedule.

Why choose CLS Money as your mortgage provider?

As an exclusive mortgage expert, CLS help borrowers attain all kinds of flexible mortgage products. No matter what your personal situation or the type of mortgage you seek, we're always here to help.

We provide mortgage advice to thousands of buyers trying to get on the property ladder or invest in a rental property. Unlike the mainstream lenders with very strict lender criteria, we present mortgage schemes from different lenders who are happy to take a deeper look into your situation, whatever your credit report might show.

As a specialist mortgage broker, we aren't stuck with one company but the full range right across the market, that way, we can find mortgage providers lending money to people just like you already.

As part of our single parents mortgage advice, we could include how guarantor mortgages work, when family members are willing to act as sponsors for your mortgage.

We're happy to discuss, and find the best deal and outcome for all kinds of different mortgage subjects:

  • Lowering your mortgage repayments
  • Single parent mortgages for residential properties
  • Balancing mortgage repayments alongside unexpected monthly outgoings
  • Applying for a mortgage online
  • Getting a mortgage with help from a close family member
  • Low deposit mortgages
  • Securing a joint mortgage
  • Mortgages for those with adverse credit or other credit issue (bad credit mortgages)
  • What to do about hard-to-manage monthly repayments
  • Specialist finance advice on mortgage applications
  • Self-employed mortgages
  • Low and high property value mortgages
  • Shared ownership mortgages
  • Mortgage help with housing association and government schemes

Receive a personalised FREE mortgage quote

Contact us today

Get Started

We are growing a forest

Planting a tree with every mortgage

THG more trees

Gemma May

Mortgage Advisor

Gemma May

Request a callback

Need advice, but can't talk now? Arrange a callback

You can view our privacy policy here.

Get Started