We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgage BTL with <£20k income
soupytwister
Posts: 20 Forumite
Wife has a BTL which is around 30% LTV. Currently on 5.99% SVR with Std Life. Obviously a poor rate right now, so looking to remortgage.
Principality had a tracker at 3.99% with no fees etc, but said income must be £20k+.
She currently works part time so income just below £20k. Who would look at this with a decent rate? Esp given 30% LTV, and rental income is £700/month so way above thresholds.
btw, I'm a higher rate taxpayer, so could easily add me to the mortgage to get round this, but she's keen to keep this in her own name for specific reasons.
Must be some company that can see this as relatively low risk?
Principality had a tracker at 3.99% with no fees etc, but said income must be £20k+.
She currently works part time so income just below £20k. Who would look at this with a decent rate? Esp given 30% LTV, and rental income is £700/month so way above thresholds.
btw, I'm a higher rate taxpayer, so could easily add me to the mortgage to get round this, but she's keen to keep this in her own name for specific reasons.
Must be some company that can see this as relatively low risk?
0
Comments
-
You'll need a broker. Possible the Mortgage Works is your best bet for the lender.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
-
Have you looked at structuring the debt on your own house get a much lower rate and might be able to get more debt(upto values when first let) usable for tax relief.0
-
Maybe have a look at Leeds Building Society, I think that they accept BTL with an income of less than £25k pa.0
-
getmore4less wrote: »Have you looked at structuring the debt on your own house get a much lower rate and might be able to get more debt(upto values when first let) usable for tax relief.
Yeah.....sadly, my own house is on a lifetime base rate + 0.99% tracker, so not really wanting to remortgage that right now!!
Thx for the replies so far.0 -
soupytwister wrote: »Yeah.....sadly, my own house is on a lifetime base rate + 0.99% tracker, so not really wanting to remortgage that right now!!
Thx for the replies so far.
You wouldn't need to remortgage, you could get as a further advance from your current lender?I am a mortgage adviser.You 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards