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self employed or company mortgages
dboswell
Posts: 309 Forumite
Im asking this on behalf of my brother for some general advice.
He has been a contractor for several years now on a six figure sum. He owns 2 properties and has a clean credit history with full accounts.
He is trying to purchase a BTL for £370k with a rental value of £400 p/w
His bank with whom he has had a 15-year relationship will not lend more than 50% LTV whether for him or his company.
Are there any lenders that would lend him/his limited company 70-75% LTV?
thanks
He has been a contractor for several years now on a six figure sum. He owns 2 properties and has a clean credit history with full accounts.
He is trying to purchase a BTL for £370k with a rental value of £400 p/w
His bank with whom he has had a 15-year relationship will not lend more than 50% LTV whether for him or his company.
Are there any lenders that would lend him/his limited company 70-75% LTV?
thanks
0
Comments
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Im asking this on behalf of my brother for some general advice.
He has been a contractor for several years now on a six figure sum. He owns 2 properties and has a clean credit history with full accounts.
He is trying to purchase a BTL for £370k with a rental value of £400 p/w
His bank with whom he has had a 15-year relationship will not lend more than 50% LTV whether for him or his company.
Are there any lenders that would lend him/his limited company 70-75% LTV?
thanks
best chances are with 60% LTV, good luck!Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
Several b2l options including TMW, BM Solutions and Coventry - clearly I haven't time to go through and check all the criteria now but if you check thier websites you can find out how much they will lend. The rental income will need to be at least 125% of the mortgage payment.
TMW will consider in a company name as long as companies SOLE PURPOSE is B2L orioerty.0 -
Looks like his bank have cut right back on the BTL business they want.
Indeed 75% is possible with some lenders - more available at lower LTVs.
He just needs to make sure he fits the rental calculation for the property.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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