buy to let mortgages

miss_mimi

Hi everyone, this is my first post on here, I am needing some good advise and thought this may be a good start.

My husband and I are trying to raise some capital to pay off a ltd business debt of ours. We have substantial equity in our property but due to my husband being self employed his net profit doesnt truely reflect his earnings. We also have 8 mortgage free rented properties so we have been looking into a buy to let mortgage, we have a broker (fee free) who got us what we thought looked a good deal however my husbands credit rating has come back not so good. This is due to me having a second credit card on his account and paying the payments late(its a card he never uses)

Can I get some advise on how we can proceed, I am so worried about this I darnt tell him the credit score has come back bad:(

Surely with this much collateral we should be able to raise the capital??

VIGILANT22

" 8 mortgage free rented properties "

sell one..........

miss_mimi

Wouldnt raise enough captial, we are looking for £200,000 and would rather keep our assets and pay the mortgage.

VIGILANT22

You are going to find it difficult to raise money for business purposes.

TMSL

Remortgage them in your name maybe an option

VIGILANT22

TMSL wrote: »

Remortgage them in your name maybe an option

"to pay off a ltd business debt"

TMSL.......tell your compliance that!.......:rotfl:

CloudCuckooLand

I'm sorry but as you don't seem able to pay 1 credit card reliably, opting to juggle what might be multiple mortgages when you don't have to, is a recipe for confusion at least, and potentially disaster at worst.

Suppose your tenants let you down. When 100% yours it didn't matter. When mortgaged, you could lose them to repossession and owe shortfall debts on top.

Sell more than 1.

VIGILANT22

CloudCuckooLand wrote: »

I'm sorry but as you don't seem able to pay 1 credit card reliably, opting to juggle what might be multiple mortgages when you don't have to, is a recipe for confusion at least, and potentially disaster at worst.

Suppose your tenants let you down. When 100% yours it didn't matter. When mortgaged, you could lose them to repossession and owe shortfall debts on top.

Sell more than 1.

According to this, none are tenanted!?

http://forums.moneysavingexpert.com/showthread.html?p=29260487&highlight=#post29260487

CloudCuckooLand

To be fair, I think the poster means empty of contents, unfurnished, as the opening post of that thread says 'with tenants in'.

VIGILANT22

CloudCuckooLand wrote: »

To be fair, I think the poster means empty of contents, unfurnished, as the opening post of that thread says 'with tenants in'.

My mistake....apologies......

Thrugelmir

Do you have an accountant that could advise you?

From what I can dedeuce from your comments so far.

a) Your husband is self employed.
b) You own and rent 8 mortgage free properties
c) You have a Limited Company with a sizable amount of debt.
d) You are trying to obtain a BTL mortgage. Which in reality is a remortage of your existing equity. (Yet selling one property is't enough to clear the Ltd Co debt).

Why a BTL mortgage?

Depending on the structure of your business empire this doesn't seem very tax efficent. Hence my opening comment about an accountant.