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I have a plan...is it flawed?
samuel.s
Posts: 102 Forumite
Ok I have a property with a value of approx 450k, of which 325 is equity. This property is jointly owned with my ex wife. Is it possible for me to raise a buy to let mortgage on this property for approx 285k pay of existing mortgage then give ex 165k as a pay off. The property has a rental value of 2k plus. It's in a desirable area with good transport links,schools etc.
The 2k I think would cover the BTL mortgage if it was at about 70% ltv. This would then cure the problem of splitting the proceeds,my ex can move on and i will still be on the property ladder in the uk (currently live and work in eu).
Is my plan really that simple or am I missing something. The only problem I can see is I do not have a job in the uk,but then there must be plenty of property investors who reside outside of the uk.
Any help will be much appreciated
The 2k I think would cover the BTL mortgage if it was at about 70% ltv. This would then cure the problem of splitting the proceeds,my ex can move on and i will still be on the property ladder in the uk (currently live and work in eu).
Is my plan really that simple or am I missing something. The only problem I can see is I do not have a job in the uk,but then there must be plenty of property investors who reside outside of the uk.
Any help will be much appreciated
Total debt December 2010 = [STRIKE]£47,365.08[/STRIKE] Total debt January 5th 2011 = [STRIKE]£47,080.89[/STRIKE]
Total debt February 5th [STRIKE]£46,431.12 [/STRIKE] Total debt 5th March 2011 = [STRIKE]£45,865.41 [/STRIKE] Total debt 5th April 2011 = [STRIKE]£45526.29 [/STRIKE]Total debt 5th May 2011 = £44764.56[/STRIKE]Target debt for Dec 2011 = £40,000.00
Total debt February 5th [STRIKE]£46,431.12 [/STRIKE] Total debt 5th March 2011 = [STRIKE]£45,865.41 [/STRIKE] Total debt 5th April 2011 = [STRIKE]£45526.29 [/STRIKE]Total debt 5th May 2011 = £44764.56[/STRIKE]Target debt for Dec 2011 = £40,000.00
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Comments
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I had a quick squint at the Mortgage Works criteria.
You'd be fine on loan to value and fine on rental income.
Problem;-Residency
All applicants must be resident in the UK.
Applicants with an immediate previous address abroad in the last three years are not accepted.
Foreign nationals must be resident in the UK for at least three years prior to application and must have permanent right to reside.
Foreign nationals must have a UK bank account.
There might be lenders out there who will lend. You'd be better off finding a broker to search this out for you.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 -
Thanks for your reply.
I have never severed my ties with the uk and have kept bank account,credit cards etc.
I am still on the electoral roll I think. Obviously only problem is I have no tax records in the uk and they may wonder what I have been doing for last 3 years.Total debt December 2010 = [STRIKE]£47,365.08[/STRIKE] Total debt January 5th 2011 = [STRIKE]£47,080.89[/STRIKE]
Total debt February 5th [STRIKE]£46,431.12 [/STRIKE] Total debt 5th March 2011 = [STRIKE]£45,865.41 [/STRIKE] Total debt 5th April 2011 = [STRIKE]£45526.29 [/STRIKE]Total debt 5th May 2011 = £44764.56[/STRIKE]Target debt for Dec 2011 = £40,000.000 -
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So are you saying there maybe a possibility? I am in the uk next week for 7 days. Should I try and find a whole of market broker or talk to a potential lender direct?
What sort of fees does a broker charge? And do you still pay the building society fees on top of the broker fees or are these included.Total debt December 2010 = [STRIKE]£47,365.08[/STRIKE] Total debt January 5th 2011 = [STRIKE]£47,080.89[/STRIKE]
Total debt February 5th [STRIKE]£46,431.12 [/STRIKE] Total debt 5th March 2011 = [STRIKE]£45,865.41 [/STRIKE] Total debt 5th April 2011 = [STRIKE]£45526.29 [/STRIKE]Total debt 5th May 2011 = £44764.56[/STRIKE]Target debt for Dec 2011 = £40,000.000
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