Natwest - Re-mortgaging without a job

I have a home which I rent out and the profit from the rent is the only income I have. I live overseas and rent where I live. I would like to raise some money from the equity in my home (I have at least 55-60% equity) to buy a home outright and drastically reducing my living costs. The extra amount that would be added to my mortgage payment is easily covered by the amount of existing rent that I receive.

Problem: Because I am not working I believe (from what I have been told in the past) that Natwest would not lend additional money to me for what I want to do, even though financially it makes great sense for me and also for Natwest, since I would have more money left each month (no rent to pay) and which would allow me to also cope with no/reduced rental income should the market take a bad turn in the future.

I was working when I took out my mortgage. I have a perfect payment history with Natwest.

If you have experience with Natwest mortgages and can give me a current answer on this question, I would appreciate you letting me know.

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546
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    mondo200 wrote: »
    I have a home which I rent out and the profit from the rent is the only income I have.

    Then the answer irrespective of residency would be a big fat no. As with no rental income you would be immediately financially distressed.
  • mondo200
    mondo200 Posts: 3 Newbie
    edited 13 October 2016 at 5:37PM
    I do have savings in an amount that would allow me to live, for at least a year with no rental income and also pay the mortgage etc., on my home if I had to.
  • csgohan4
    csgohan4 Posts: 10,587
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    You can always have a look at the customer retention products online as that will not need any credit check or employment checks. But don't expect the rates to be market leading.


    In your position you are unlikely to be able to remortage with another lender without triggering a credit check and employment status questioning
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • csgohan4 wrote: »
    You can always have a look at the customer retention products online as that will not need any credit check or employment checks. But don't expect the rates to be market leading.


    In your position you are unlikely to be able to remortage with another lender without triggering a credit check and employment status questioning

    The OP wants additional borrowing, not a new rate..
    Slummy mummy!
  • csgohan4 wrote: »
    In your position you are unlikely to be able to remortage with another lender without triggering a credit check and employment status questioning

    Yes, and I am also worried that they would call the mortgage in, forcing me to sell.
    My wife does work - would that help?
  • csgohan4
    csgohan4 Posts: 10,587
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    The OP wants additional borrowing, not a new rate..


    Exactly and that's all he may be able to get at the moment, rate
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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