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  • FIRST POST
    • mondo200
    • By mondo200 13th Oct 16, 5:45 PM
    • 3Posts
    • 1Thanks
    mondo200
    Natwest - Re-mortgaging without a job
    • #1
    • 13th Oct 16, 5:45 PM
    Natwest - Re-mortgaging without a job 13th Oct 16 at 5:45 PM
    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.
Page 1
    • Thrugelmir
    • By Thrugelmir 13th Oct 16, 6:10 PM
    • 51,214 Posts
    • 42,993 Thanks
    Thrugelmir
    • #2
    • 13th Oct 16, 6:10 PM
    • #2
    • 13th Oct 16, 6:10 PM
    I have a home which I rent out and the profit from the rent is the only income I have.
    Originally posted by mondo200
    Then the answer irrespective of residency would be a big fat no. As with no rental income you would be immediately financially distressed.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • mondo200
    • By mondo200 13th Oct 16, 6:32 PM
    • 3 Posts
    • 1 Thanks
    mondo200
    • #3
    • 13th Oct 16, 6:32 PM
    • #3
    • 13th Oct 16, 6:32 PM
    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.
    Last edited by mondo200; 13-10-2016 at 6:37 PM.
    • csgohan4
    • By csgohan4 13th Oct 16, 6:50 PM
    • 2,521 Posts
    • 1,563 Thanks
    csgohan4
    • #4
    • 13th Oct 16, 6:50 PM
    • #4
    • 13th Oct 16, 6:50 PM
    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
    • Contemptuous
    • By Contemptuous 13th Oct 16, 6:54 PM
    • 507 Posts
    • 504 Thanks
    Contemptuous
    • #5
    • 13th Oct 16, 6:54 PM
    • #5
    • 13th Oct 16, 6:54 PM
    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
    Originally posted by csgohan4
    The OP wants additional borrowing, not a new rate..
    Slummy mummy!
    • mondo200
    • By mondo200 13th Oct 16, 6:55 PM
    • 3 Posts
    • 1 Thanks
    mondo200
    • #6
    • 13th Oct 16, 6:55 PM
    • #6
    • 13th Oct 16, 6:55 PM
    In your position you are unlikely to be able to remortage with another lender without triggering a credit check and employment status questioning
    Originally posted by csgohan4
    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
    • By csgohan4 13th Oct 16, 6:56 PM
    • 2,521 Posts
    • 1,563 Thanks
    csgohan4
    • #7
    • 13th Oct 16, 6:56 PM
    • #7
    • 13th Oct 16, 6:56 PM
    The OP wants additional borrowing, not a new rate..
    Originally posted by Contemptuous

    Exactly and that's all he may be able to get at the moment, rate
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