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buy to let
paulsm
Posts: 444 Forumite
I have just been made redundant and am going to rent out my flat and move in with my mother for a few months , I only have a small mortgage around 10k , I should end up with around £300 p/m after paying the mortgage. question is would I be able to get a buy to let mortgage for another property against the flat even though I wont be working ?
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paulsm wrote:I have just been made redundant and am going to rent out my flat and move in with my mother for a few months , I only have a small mortgage around 10k , I should end up with around £300 p/m after paying the mortgage. question is would I be able to get a buy to let mortgage for another property against the flat even though I wont be working ?
Hi,
The typical BTL mortgage is underwritten against the rental yield of the flat, and normally asks you to state your income which is assumed will cover your day to day living and your other expediture, like your residential mortgage. Often this isn't referenced though.
Again, i would recommend that you get recommended to an experienced face to face Whole of market mortgage broker as they will know how to deal with this.
Good Luck.
SSI am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
I was supposed to see a financial advisor tonight but he is sick , so hopefully i will see someone soon.0
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paulsm wrote:I was supposed to see a financial advisor tonight but he is sick , so hopefully i will see someone soon.
Make sure they are a "whole of market" mortgage broker as well as a financial adviser (ideally independant for their product solutions)
Check their Initial Disclosure Document to clarify this and remember it is their job to explain it all to you.
SSI am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0
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