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Switch to BTL problem
anitak
Posts: 20 Forumite
Hi. I hope someone may have an answer to this - I currently have a mortgage on a property at 7.04% variable with the Abbey. I know that this is not a great rate and want to switch.
The problem I have is that this property is now let and Abbey have made switching it difficult. This is further compounded by the fact the house is undergoing an insurance claim for possible subsidence, so if a survey is done this will come out badly. The other complication is that I am now at home looking after my son and no longer working. When I have approached the Abbey they have been very negative, but I may have asked the wrong questions.
Can anyone guide me through the maze of solving this one?
Many thanks.
The problem I have is that this property is now let and Abbey have made switching it difficult. This is further compounded by the fact the house is undergoing an insurance claim for possible subsidence, so if a survey is done this will come out badly. The other complication is that I am now at home looking after my son and no longer working. When I have approached the Abbey they have been very negative, but I may have asked the wrong questions.
Can anyone guide me through the maze of solving this one?
Many thanks.
0
Comments
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Why have Abbey made it difficult to switch?
You could look at remortgaging. There are lenders available that have no minimum income requirments for their BTL range. You just have to show that you are not unemployed. The difficulty you will have with this is the susidence as any lender will want to know about this, be it from the valuation or asking you a question on the application form.0 -
Abbey have BTL deals now - can they not just put it onto one of those?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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