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Buy to let
lynsababe
Posts: 4 Newbie
A couple of years ago, I got a buy to let mortgage for a property which I thought would need a lick of paint, and be ready to rent out. It turned out that it needed far more then that. Anyway, a couple oif years down the line, it's had anew roof, and while we were at it, an extension.... and a new bathroom, kitchen etc., :j
However, it still hasn't had a tennant..... I would like to get it finished and either rent it or sell the blooming place. I cannot raise any more money on it to finish the work. I am with a company who has refused to change the mortgage to a residential one, and although there is plenty of equity in the property will not lend me any more, without seeing a tennancy agreement and bank statements showing the money going into the bank each month. :mad: I am tearing my hair out. I have not been able to get a remortgage due to the low wage I am on. Help!!!!!!!
However, it still hasn't had a tennant..... I would like to get it finished and either rent it or sell the blooming place. I cannot raise any more money on it to finish the work. I am with a company who has refused to change the mortgage to a residential one, and although there is plenty of equity in the property will not lend me any more, without seeing a tennancy agreement and bank statements showing the money going into the bank each month. :mad: I am tearing my hair out. I have not been able to get a remortgage due to the low wage I am on. Help!!!!!!!
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Comments
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Who is your lender?
What is the property value and mortgage amount outstanding?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do you live there?0
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Because you dont have a BTL mortgage it doesn't stop you moving in and living there if you so wish.
How much more money do you need to finish the job? If not too much get a personal loan.0 -
How on earth have you been renovating the property and paying the mortgage for 'a couple of years' if you are on a 'low wage'
Hmm, cod I smell?0
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