Buy to Let Mortgage issues.

Mezzo21

I split from my partner August 2010 but we are still in stalemate over the house. We have tried to sell it but have had no luck even getting viewings despite consistently lowering the price. Now he has agreed to sign whole lot over to me so I can rent it (I live other end of the country now to house and him) but he doesn't want the money. He refuses to buy it off me as its not where his girlfriend wants to live.

My mortgage company won't let me rent it on current deal as it only has about 14% equity so I am struggling to find a buy to let to enable me to do this. The rent quote I have been given would easily cover the payments. I have income acceptable to most lenders for amount I am trying to borrow, can prove I can make payments and good credit history but even current lender won't change my deal to buy to let due to requiring 25% in house.

Has anyone been in a similar scenario and has any suggestions at all for me of a company that will look at the income etc rather than just purely equity as I don't want to be in this stalemate any longer?

poppysarah

Sell it.

(added purely to make the post bigger)

kingstreet

You won't find a BTL remortgage product at more than 85% of the loan to value. The rate will be poor and the fees high. I suggest you try to put some cash into the transaction if you really WANT to be a landlord with all that it entails.

TonyMMM

poppysarah wrote: »

Sell it.

(added purely to make the post bigger)

correct advice ...sell

Annisele

Sorry, but if you're not even getting viewings...you're asking for more than the current market will bear.

Have you compared the price you're asking with the prices local houses like yours are actually selling for? (Comparing with other people's asking prices is useless; you need to compare with actual sale prices).

Mezzo21

I have been reducing price by thousands each time and the estate agent has told me he doesn't think I should go any lower for the time being as it should sell at price its currently at but he has also said it would have a big rental income as its sitting right next to a university campus and main transport link. If I wasn't a single mum and had money to throw at it to bump up the deposit enough I would.

Looks like I am just going to have to leave it sitting on the market for the foreseeable future empty and run the risk of going bankrupt at some point because one of us fails to pay our half of the mortgage. I was just looking for a way to avoid getting into this scenario and actually make a small amount of money instead with the aim of selling when market is better.

Trollfever

but he has also said it would have a big rental income as its sitting right next to a university campus and main transport link

Plenty of investors out there looking for properties of this nature.........

.............at the right price.

brit1234

Reduce the price just as the Summer Holidays end (selling season) and ignore the estate agent. He is incompetent in selling it and just wants a easy letting agency fee.