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Raising money to go onto BTL.
de1amo
Posts: 3,401 Forumite
İ live abroad and have a flat in the uk which i have a personal mortgage for 55k(25pc ltv) which i am considering renting out through agents. i understand that i will have to notify my lender. Will this automatically put the mortgage on 'BTL terms ?
İf it does will i need to be reassessed on my income terms(as if i am taking a new product)?
As most of my income is earnt abroad and i only have income of about 7500 gross in the uk can i include rentable forcast in the multiples to get the BTL--(i can reduce the mortgage down to 30k but dont want to deplete my capital at this time)--i have homes and business abroad so everything is secure .
İf it does will i need to be reassessed on my income terms(as if i am taking a new product)?
As most of my income is earnt abroad and i only have income of about 7500 gross in the uk can i include rentable forcast in the multiples to get the BTL--(i can reduce the mortgage down to 30k but dont want to deplete my capital at this time)--i have homes and business abroad so everything is secure .
mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.
0
Comments
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You can apply for 'Consent to let' under your existing mortgage. Some lenders agree, some never do. Those that agree may charge an admin fee which may be £100 or so, or may be £1000.
If they refuse, you'll have to switch to a BTL mortgage product, either with the existing lender or another. Interest rates are higher.
You''ll get a max 75% ltv, and will usually need o show that the rental income = 125% of the mortgage repayments (to allow for overheads and voids).
I asume you are a UK citizen?0
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