Buy to let mortgage.

richcatling

Hi. I currently have a buy to let that has been doing well for 3 years. I have since built a house in the garden of that property which is nearing completion. I would like to raise a btl mortgage on this also.The new property has been valued at 290k and rental is valued at £875 pcm. I would like to raise as much as possible (190k ish) to pay off other debts aswell as the loan for the build. Does anyone know who is the best mortgage provider in this situation, preferably one who does not require personal accounts? Thanks Rich.

trulysaintly

richcatling wrote: »

Hi. I currently have a buy to let that has been doing well for 3 years. I have since built a house in the garden of that property which is nearing completion. I would like to raise a btl mortgage on this also.The new property has been valued at 290k and rental is valued at £875 pcm. I would like to raise as much as possible (190k ish) to pay off other debts aswell as the loan for the build. Does anyone know who is the best mortgage provider in this situation, preferably one who does not require personal accounts? Thanks Rich.

Hi Rich,

With regards to your post, you don't mention whether you have a mortgage on the existing B2L? If you have, then you need to make sure that you've made that lender aware of your project - as it affects any mortgage security.

Most B2L lenders will normally need an idea of your income, many will need accounts - there are a few who may work on the basis of the rental alone, but your best bet is to consult an independent adviser first.

Your own individual circumstances will dictate whether particular lenders will help you - giving you two or three lenders won't guarantee that they'd lend on it.

Hope this helps.

antrobus

richcatling wrote: »

Hi. I currently have a buy to let that has been doing well for 3 years. I have since built a house in the garden of that property which is nearing completion. I would like to raise a btl mortgage on this also.The new property has been valued at 290k and rental is valued at £875 pcm. I would like to raise as much as possible (190k ish) to pay off other debts as well as the loan for the build. Does anyone know who is the best mortgage provider in this situation, preferably one who does not require personal accounts? Thanks Rich.

Have you sought any professional tax advice on this?

By constructing a house in the garden of an existing BTL property it could be argued that you have commenced trading as a builder and are therefore liable for income tax and NIC on any profits made. I have no idea whether this would really be the case, but I do know that it's the kind of question that ought to be asked.