Will my buy to lets affect my new mortgage application?

rocky028

Hi, I have 3 buy to let properties and my main residence. The btl are all let out and the rent covers the mortgage.

I have had an offer accepted on a house. I want to move from my main residence to this house

I want to know if my buy to lets will have an affect on my credit rating in a negative way with the underwriters from the bank???

My lender is hsbc. I have completed the application and everything went fine. My application has now been passed to the underwriter for a decision.

I have never been refused credit/mortgage in the past but with the state of the economy at the moment i am a bit concerned that my buy to lets may be a problem with the underwriters

dunstonh

I want to know if my buy to lets will have an affect on my credit rating in a negative way with the underwriters from the bank???

Potentially yes. The mortgages on those will be included in the affordability test.

However, depending on the size of deposit, your other income and how much the rental income beats the mortgage payments using a more typical long term interest rate (i.e. not current rates) then it may not be a problem.

luckyfool

You will also find that a number of lenders now require evidence that you have proper Buy to Let mortgages on those properties, or consent to let at the very least.