how to get buy to let mortgage

alwar

i moved to canada ,i have a house in scotland that i couldnt sell . that i now rent. I want to get some equity from this house to help me buy house in canada. Anybody got ideas what i can do.

BYALPHAINDIA

Have you still got a mortgage 'Noose' around ye neck !!

Canada seems a nice country to go to.:)

holly_hobby

The main problem you may have is that you are no longer resident and earning a salary in the UK (have you also given up your UK passport too?).


This may well be an underwriting issue.


Did you tell your mge lender you were moving to Canada ... if so I would contact then first to see if they can help, as they already have a history on you as a borrower.


Hope this helps


Holly

handytips

Ask your lender permission to let. if you need to raise money on the property as long as you are still a British Citizen then you should be okay.
You need the services of a mortgage broker badly.

GemmaE

We are considering doing the same, ie renting out our current home and purchasing our 'dream home' using the equity in our current property if able to do so.

Our mortgage would be more than covered by the rental made on the property (at least £150 pcm extra), but having never done anything like this would appreciate advice. Are there any reputable mortgage brokers out there anyone would recommend. We were thinking of going for the one account when we move, but as we are struggling to sell our property I'm not sure if this would fly with them

brit1234

Why don't you drop the house sale price further?

handytips

Gemma
There are plenty of reputable mortgage brokers about. You will always get better advice from a broker than a bank. Check to make sure that the broker is whole of market. Buy to let mortgages are different to residential mortgages. The amount that you can borrow is determined by the amount of rent the surveyor thinks is realistic for your property. Should you want a quick word you can get hold of me via my profile. Free and impartial.