BTL mortgage for first time buyer

[Dancingbee]

Hi
I have a number of properties that I have been letting for some years, and am now keen to help my son get into the business. I am prepared to help him with the deposit for his first property, but on looking for BTL mortgages it seems that most require someone to be a property owner already, which he is not. This is because he is working in Brussels for a while, and so would not be able to live in his own property anyway. Are there any mortgages that do not require this? Could I in some way act as a guarantor or is there some way that I could help him get started? Also is it possible for my son and his partner to have a joint BTL mortgage, and what would the requirement for earnings be in that case?
with best wishes

Lynne

 

[Jeffrey Shaw]

Yes, you could be his guarantor. Some mortgagees (lenders) also allow a parent's investment account to be effectively offset against an offspring's mortgage account. As you say, you and he could instead purchase/mortgage in joint names; but, if you do, you'd also need a Trust Deed governing respective shares/rights. Each mortgagee will have its own view on what earnings it will take into consideration.