third mortgage

gwynlas

I currently have one residential mortgage and one buy to let,now wish to obtain third mortgage. Third mortgage will be on residential property purchased with 50% deposit provided by partner.Income will be retirement pension and rental from buy to lets both of which have reasonable equity. Would it be best to obtain third mortgage as residential based on sole name and income or joint? Would there be any advantage in setting up a limited company? Where could I obtain best advice?

VIGILANT22

Very few Ltd Co mortgages available nowadays.
How would you explain 2 residential mortgages?, you would have to elect where you are resident.
Quote: "rental from buy to lets"...You have stated you have 1 BTL, so where is the other BTL income coming from...??
Best advice....Whole of Market adviser...ask family, friends etc for a recommendation...

gwynlas

Thanks for question, would endeavour to convert current residential mortgage to buy to let. Already have an indication of probable rental which would easily cover interest only.Residential home would that funded by deposit from partner.

VIGILANT22

Rental income should be somewhere in the region of 125/130% of mortgage payments
Rental income is the figure recommended to the lender by the surveyor for similar properties in the area.
Many lenders now also state you must have a minimum income (excl rental income) eg I think C&G say you must have a minimum income of 25k
If you're buying in your name and deposit is coming from partner, this will have to be declared as source of funds is requested.
How is partner's deposit going to be protected in the event of a sale etc....solicitor should be asking this