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Question about buy to let mortgages
eddisonsmum
Posts: 55 Forumite
Hi
We own a property outright worth about £175K. We wanted to get a buy to let mortgage on it but am a little confused about legislation. We went to Barclays and they told us we needed to own the property for a year to be able to do it due to new legislation from the government. We cant find anything about this online however.
If we own the house outright with no debts on it whatsoever, and have done so for the past 6 months, do we really have to wait for a year? The mortgage we want is for £50K so not a high risk.
Look forward to hearing from you
We own a property outright worth about £175K. We wanted to get a buy to let mortgage on it but am a little confused about legislation. We went to Barclays and they told us we needed to own the property for a year to be able to do it due to new legislation from the government. We cant find anything about this online however.
If we own the house outright with no debts on it whatsoever, and have done so for the past 6 months, do we really have to wait for a year? The mortgage we want is for £50K so not a high risk.
Look forward to hearing from you
Wins so far this year - Creme Egg keyring, Rimmel fake tan, sony ebook reader, Simple eye cream, Ideal Home Tickets (2), St helier tshirts. scuttlebug trike, Bob the Builder DVD, pedometer, benefit lipstick, koala
WLTW - Wii, toys for my bubba, car (ambitious I know!), new pram
WLTW - Wii, toys for my bubba, car (ambitious I know!), new pram
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Comments
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See a whole of market adviser......Bank staff are very limited in knowledge and they can't think outside the box...Most lenders current lending criteria is to own the property for at least six months before being able to obtain a re-mortgage.0
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Are you letting out that property then?
Or are you raising money to buy a BTL property, but still living in the first one?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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