Buy to Let Help

VIGILANT22

Maybe it would have been easier to just say you had got it wrong...

herbiesjp

VIGILANT22 wrote: »

Maybe it would have been easier to just say you had got it wrong...

Maybe you need to read my posts:

I know exactly what I typed and my post back to you explained what I meant, which I agreed was not clear (two daughters pulling my legs does not help lol):

Maybe you can clear something up for me then.... are income multiples relevant with BTLs?

BTW - I had actually thanked you for pointing out it was not clear

VIGILANT22

Well at the moment I don't know of any lender using income multiples as part of the critieria, but who knows what tomorrow will bring...!!

Income is now considered, as are liabilities, debt consolidation also has hoops to jump through.

Criteria however is becoming more and more like full status residential....

herbiesjp

VIGILANT22 wrote: »

Well at the moment I don't know of any lender using income multiples as part of the critieria, but who knows what tomorrow will bring...!!
..

Well nice of you to agree then.

As for tomorrow, we can't even get the weather forecast right, so I'm not up for guessing what changes to criteria there will be.

I'll reserve judgement and comment as and when it happens.

V_J_Conn

Hi Mortgage Help
Yes the company will take into consideration that you will be consolidating your debt and that you will be renting and refurbishing and your income, assets, liabilities and your credit score.
Due to limited funds available at the moment lenders really pick and choose.
It is all about how the case is presented to the lender, preparing the case, talking in advance to business development managers and being honest.
Sometimes credit scores are low due to not being on electoral role etc, get your full report and an experienced buy to let broker and work together on the case
best of luck
BuyToLet Vivienne

VIGILANT22

V_J_Conn wrote: »

Hi Mortgage Help
Yes the company will take into consideration that you will be consolidating your debt and that you will be renting and refurbishing and your income, assets, liabilities and your credit score.
Due to limited funds available at the moment lenders really pick and choose.
It is all about how the case is presented to the lender, preparing the case, talking in advance to business development managers and being honest.
Sometimes credit scores are low due to not being on electoral role etc, get your full report and an experienced buy to let broker and work together on the case
best of luck
BuyToLet Vivienne

Not touting for business by any chance!....:D

jonikarma

contact a mortgage broker mate, they'll put you straight. There are still Buy to Let lenders that DO NOT REQUIRE INCOME DISCLOSED, however if your property is in need of works to be carried out, the lender may hold a retention, which basically is an amount that the lender will hold back untill the work is carried out. For example, the property values at £100,000 with £25,000 retention, you wanted 75% which is £75,000 but because of the works that need to be done, the lenders gives you £50,000 and hold back the £25,000 untill the work is done. After a re-inspection, the lender will advance the retention amount.

mortgage_help_3

I would be more than happy for the mortgage company to hold back £25000 until we had done the work to property.

Once the work is done I know the property would be worth alot more than £100000 (it may even be worth more than £100000 at the moment but I'm airing on the side of caution saying £100000).

I also know I have been very stupid with money in the past and I am working on that now but I thought if I could find a way of keeping the house and sorting some of my debt out.

I just don't know where to go & what to do. My husband thinks we should discuss with our own bank who we hold a mortgage with and have never missed a payment