Buy to Let Mortgage - Problem

FBPB1000

Dear All

i have attempted twice to re-mortgage my buy-to-let mortgage, and on both ocassions post the Surveyors report ive beed knocked back or had the amount I can borrow restricted.

My situation is this, I have a property with 3 rooms, i rent out 2-3 rooms regularly and when i rent out 2 rooms i use the 3rd room myself (the property is in the lake district, where it is a very common practice to rent out rooms in this manner, and its a lovely place for me to visit)

Now, it would appear that mortgage lenders will only borrow based on a value that you would recieve if you rented out the property whole, also if you convert to a holiday let they wont entertain either.

the problem is, i send in my tenancy agreeements which clearly show that its £400 per room (£800-1200 income per month, bills not included) and they accept this on the application, but when it comes down to the srveyor the reduce the amount of rental income to what it would get if rented as a family home and in one instance the surveyor put Zero!!!!

Each time this has happend i have successfully claimed back my fees, as it should have been highlighted as an issue in the application before any fees taken for the survey.

Anyway, my dilemma is I do need to re-mortgage this property for personal reasons. p.s. im trying to borrow 160K on a 250k valued property, so there are plenty of lenders out there, but it would appear renting out a room for room basis isnt a goer?

Any advice please.

PB

Conrad

Can you clarify a few points;

1) When lenders carry out a credit search, do you show up as living there or somewhere else?

2) Does each tenant have thier own rental contract (AST)?

3) Do you have any other provable income?

4) What is the extra amount of capital you seek?

5) What is the money for?

6) Are you intending to keep the property long term or short term?