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BTL mortgage advice please
alibob30
Posts: 174 Forumite
This might be a little long winded, sorry! All advice appreciated
My husband owns a propertly which has been let out for the last 7 years, it is valued at approx £160,000 and we have £26,600 left on the mortgage.
Aswell as this he also has a mortgage on our family home, as he is a 40% tax payer he is looking to transfer the property in to my name as I do not work and do not use my tax allowance.
Our current lender is the Halifax, we had a meeting with a useless advisor yesterday who basically said that we either re-mortgage our family home and pay off the btl property or they couldn't help us as they do not offer btl mortgages and could not guarentee they with authorise the property being let (the last authorisation ran out a few months ago, we knew nothing about this) she also stated that they do not normally allow mortgages with a guarentor (which we'll need as I have no income and they do not accept rental income as income)
So we are looking to move the mortgage on to a BTL and pay it off over 5 years, any suggestions about who we should look at moving too? Also, any advice on how easy it would be transfering the property between husband and wife?
My husband owns a propertly which has been let out for the last 7 years, it is valued at approx £160,000 and we have £26,600 left on the mortgage.
Aswell as this he also has a mortgage on our family home, as he is a 40% tax payer he is looking to transfer the property in to my name as I do not work and do not use my tax allowance.
Our current lender is the Halifax, we had a meeting with a useless advisor yesterday who basically said that we either re-mortgage our family home and pay off the btl property or they couldn't help us as they do not offer btl mortgages and could not guarentee they with authorise the property being let (the last authorisation ran out a few months ago, we knew nothing about this) she also stated that they do not normally allow mortgages with a guarentor (which we'll need as I have no income and they do not accept rental income as income)
So we are looking to move the mortgage on to a BTL and pay it off over 5 years, any suggestions about who we should look at moving too? Also, any advice on how easy it would be transfering the property between husband and wife?
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