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Who are the most flexible lenders please?
crestedgrebe
Posts: 1 Newbie
Hi,
I shortly need to remortgage two buy-to-let properties - A and B. I hope to live in one of them (A), put it on a personal mortgage and let a room out.
I have decent equity, but large mortgages, and wonder which lenders would take into account my ill-health pension, benefits and rental income from the remaining buy-to-let (B) and a houseboat, plus a likely £500/month income from letting a room?
To complicate matters further, I might want to change the property (A) back to buy-to-let, possibly releasing further equity, at some point within the next year, and buy a further (larger) buy-to-let (C!) which would eventually become my home, using equity from selling the other property (B) and any released equity from (A) as a deposit.
I would plan to keep property (A) for a while and sell it within about 3 years to hopefully pay off the mortgage on (C).
So I am keen to find a flexible, low fee, no redemption product or two and be able to keep my options open.
All this to try and own my own little house outright at some point, which isn't going to happen on my pension alone!
I would appreciate any advice on lenders who would be most open to a non-traditional source of income, and who do not have massive charges for flexible products please? Or a broker who at least understands how my brain works!
many thanks
cg
I shortly need to remortgage two buy-to-let properties - A and B. I hope to live in one of them (A), put it on a personal mortgage and let a room out.
I have decent equity, but large mortgages, and wonder which lenders would take into account my ill-health pension, benefits and rental income from the remaining buy-to-let (B) and a houseboat, plus a likely £500/month income from letting a room?
To complicate matters further, I might want to change the property (A) back to buy-to-let, possibly releasing further equity, at some point within the next year, and buy a further (larger) buy-to-let (C!) which would eventually become my home, using equity from selling the other property (B) and any released equity from (A) as a deposit.
I would plan to keep property (A) for a while and sell it within about 3 years to hopefully pay off the mortgage on (C).
So I am keen to find a flexible, low fee, no redemption product or two and be able to keep my options open.
All this to try and own my own little house outright at some point, which isn't going to happen on my pension alone!
I would appreciate any advice on lenders who would be most open to a non-traditional source of income, and who do not have massive charges for flexible products please? Or a broker who at least understands how my brain works!
many thanks
cg
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