Remortgaging without an income help needed

RecoveringAlcoholic

happybroker wrote: »

secured commercial finance if properly sourced may not be as expensive as you think.

A couple of years ago if you wore a kilt and drank whisky the Scottish Banks would have thrown money at you for property development.

I think that they are now owned by the taxpayer.:)


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JA1000

They did throw money at me only 18 months ago for property development, and then screwed it all up by diverting a payment to the builders who had a petititon to be wound up against them, I lost the payment they had and still have me over a barrel because I signed it away as they threatened to pull the plug. I had to pay again for all the contractors to be paid and all the work to be done again.

I am the one drinking whisky but for different reasons!!!

Sunshine12

I looked into this around 4 months ago when I was made redundant and wanted to take some of the equity out of my flat to invest in other property and perhaps start a property development business. With the way that lending is just now it was impossible to find anywhere willing to do it which meant my only option was (and still is) to consider selling. Hope you have more luck than me.

normal

I've found this place http://www.themoneycentre.net/buytolet/remortgage.htm which suggests I might be able to do this when I put through a quote. It's not the cheapest place, but still better than a business loan. (£10000 setting up fee!)

VIGILANT22

http://www.ftadviser.com/FTAdviser/Mortgages/Products/BuyToLet/News/article/20091217/a3754e84-eb2a-11de-bb4f-00144f2af8e8/The-Money-Centre-to-stop-trading-as-Lloyds-halts-new-applications.jsp


http://www.mortgagestrategy.co.uk/distribution/the-money-centre-to-relaunch/1006239.article

normal

VIGILANT22 wrote: »

http://www.ftadviser.com/FTAdviser/Mortgages/Products/BuyToLet/News/article/20091217/a3754e84-eb2a-11de-bb4f-00144f2af8e8/The-Money-Centre-to-stop-trading-as-Lloyds-halts-new-applications.jsp


http://www.mortgagestrategy.co.uk/distribution/the-money-centre-to-relaunch/1006239.article

Many thanks for those links. It's good to know some history.

I've also found the following:
http://www.coventrybuildingsociety.co.uk/intermediaries/intermediariesnonsecure/GMLSchemes_BTL.aspx
http://www.principality.co.uk/default.aspx?page=31

Obviously I'm not sure if they'd lend to me, but it's worth a chat.

happybroker

there appears to be some confusion over what the business is, if it's property development then you will struggle or pay ridiculous rates.

If not then you would simply be using the flat as security for the loan....not as a btl mortgage.

Coventry is no use to you "Net minimum income is £25,000 (where the application is in joint names the main earner must have a net income* of at least £25,000). " which you don't have.

Off the top of my head Principality have a similar rule in place.

Dan_1976

So this is a buy to let capital raise and the capital is for business purposes!

Get ready to jump through some hoops! Get your self a good broker with good commercial experience. A few years back you would have had the money in your back pocket by now!!

normal

Damn the banks for lending to people with no income! ;-)

Dan_1976

LOL, buy to let it never used to matter. All on rental only, a few lenders had minimum income levels but now they are probably doing it the right way!