Trying to keep hold of existing property and get a 90% LTV

robotrobot_2

Hi there,

Due to the crash I have 0% equity in my existing property, but it has a decent rental yield, so I'm hoping to try and keep hold of it and let it whilst values recover (looking medium term 5-10yrs). My existing lender HSBC will allow me to keep the existing mortgage rate and give me an agreement to let as I have been there over 3yrs, however they will not give me a loan on my new house as they will only let me run one residential mortgage at a time and they have no suitable Buy To Let products in the market at the minute. However, they are happy for me to run a residential mortgage from another lender.

We have only 10% deposit for the next house and I'm struggling to find a mortgage that will accept the fact that I will have a BTL running also. I wonder if anyone has any tips? Britannia have some nice 90% products at present, but their terms and conditions state that their maximum LTV is 75% if you have a share in any other property.

On affordability stakes we come up well as we have a large combined salary but unfortunately our deposit is weak :-(

Does anyone know of any suitable products that have a sensible rate that would suit our situation? I know RBS have one but at 7% for 5yrs it looks very expensive.

Chris