Buy to let with 1 years accounts

kingster2069

Hi everyone,

I have a question and would be grateful for some advice.

Does anyone know of a lender who would offer a buy-to-let mortgage to someone with just 1 years accounts. We have 30% equity and are looking to change from our current retail mortgage to a buy-to-let so we can move home.
We have good credit history and 5 years mortgage history without missing a payment. However I only have one years accounts.
I've contacted the main high street lenders and although our rent is 130% of a mortgage at 5%, we can't find anyone mortgage lender willing to accept only one years accounts.

Any advice will be welcome.:D

kingstreet

So you actually want a mortgage to let your own property to buy a new one to live in?

From The Mortgage Works criteria;-

Let to Buy
First time landlords, classified as applicants who have not owned and let a buy to let property for the last six months, remortgaging their existing residential property as a buy to let must choose from the Let to Buy product range.

Subject to:
Max 75% LTV
The applicant(s) must have owned their residential property for at least 6 months (with or without a mortgage) at the time of application
Loan purpose: to remortgage their residential property into a buy to let property
Applicant(s) may let their current residential property without purchasing a new one

http://www.themortgageworks.co.uk/content/home/

You'll need a broker.

The only concern I have is how you're going to raise a mortgage on the one you want to buy with one year's accounts? Are you planning to rent?

kingster2069

We were hoping to port our current mortgage with us to our new property. However I have just got of the phone to Santander, although our current mortgage has a porting facility, they can't port the mortgage as we now don't meet their lending criteria.:mad:
It is all very frustrating, we want to reduce our lending and increase out LTV on our current mortgage and they say no.
Really renting our current home was a way for us to move. We have just started a family and I'm having to work 200+ miles away. I don't want to loss so much time away and just trying to explore options.
When we took our mortgage 5 years ago our income was half and our deposit was less than 5%, now we have 40% deposit.
I guess our other option is the drop our asking price

GMS

Just because your current lender will not do it does not mean all will be the same.

There may be a lender for you for the new property. Speak to a broker asap to see if there is a way forward.