Complicated mortgage Please HELP!!!!!!

Andrew_Solomon

Hi all, I'm in need of some help in order to get a mortgage, which is proving very difficult given my circumstances.
I own an old Victorian block containing 3 separate flats, which have separate leases. the freehold is held in a none active holding limited company which i also own. All are unencumbered meaning no mortgages or debts owed on anything. 2 flats are let out on AST's grossing approx £47,000 per year, I live in the 3rd. I currently don't work and live off the rental income, don't have many expenses just bills and food, therefore affordability on my end is not an issue

I want to mortgage one of the flats to raise money in order to buy another properties to do-up and sell on if not rent out. the flat i want to mortgage is valued at £350,000 and has a rental income of £1516pcm. I would like to mortgage my residential flat which is valued the same but dont think this is possible due to lack of employment. by raising money on the property i already own via a BTL mortgage will allow me to be cash ready and potentially by at auction without the risk of be refused once committed.

For some reason mortgage lenders view the fact that i have the 3 leases and freehold as a negative:mad:. Im willing to listen to any suggestion.

another way i have thought about is just buying another property. I have £70,000 which can be used as a deposit but as im not employed and this is a problem, i also do not have two years self assessments showing this rental income as i have recently acquired these and redeveloped them in order to achieve the current rental income.

Please help!!!!!!!! I dont want to pay over the odds but there must be something i can do at a reasonable rate.

apologies for the length if any more information is not clear or more is needed please just ask.

Andrew

Dave_Ham

A decent broker will find you a decent solution here. Unfortunately, the rates will not be market leading but not stupid either.

Just so I understand it, the freehold is owned by a company (owned by you) and the leasehold of each of the flats is separate - currently owned by you with no mortgage.

Provided everything thus far has been done above board with adequate solicitors, this should be fine with a bit of support

Conrad

This is deffinitely doable based on what you've said, but you need a small experienced broker, don't try call centre type operations.

A decent broker will know just what to do.

Best