We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
Buy to Let help please!
Options
LGNDOC
Posts: 4 Newbie
Hi Guys,
I bought my first house 4 years ago. Unfortunately 18 months ago I was made redundant and decided to move back with my Mum as I was struggling to pay all my bills. I informed Woolwich and they gave me permission to let the house till this September.
My worry is that I will not be able to find a buy to let mortgage when Septemebr comes.
I am in a fixed rate that ends in Jan 2013.
THe House is worth about £120,000 and the mortgage is £68,000 so I have a lot of equity in it. I also have never fallen beind with a payment (did without food sometimes to make the payments!). I get £500 a month rent and the mortgage costs me that on Capital repayment.
The problem is I have only just got a permenant job (I have been there 12 month on a temp contract) and my wage is £17,800 a year. A lot of the buy to lets want a min wage of £20k plus.
What can I do? Are there any mortgage providers that will lend to me on a buy to let masis if I earn less than £20k a year? Thanks so much!
I bought my first house 4 years ago. Unfortunately 18 months ago I was made redundant and decided to move back with my Mum as I was struggling to pay all my bills. I informed Woolwich and they gave me permission to let the house till this September.
My worry is that I will not be able to find a buy to let mortgage when Septemebr comes.
I am in a fixed rate that ends in Jan 2013.
THe House is worth about £120,000 and the mortgage is £68,000 so I have a lot of equity in it. I also have never fallen beind with a payment (did without food sometimes to make the payments!). I get £500 a month rent and the mortgage costs me that on Capital repayment.
The problem is I have only just got a permenant job (I have been there 12 month on a temp contract) and my wage is £17,800 a year. A lot of the buy to lets want a min wage of £20k plus.
What can I do? Are there any mortgage providers that will lend to me on a buy to let masis if I earn less than £20k a year? Thanks so much!
0
Comments
-
A temp contract won't assist your cause.
Why don't you move back in?0 -
Been paying off other debts to family & friends etc so not moved back - really dont want to get in the position where Im borrowing off people again!
I've got a permanant contract now - so that should help?
Concerned tho that wage is below the threashold they have.
What happens if I continue to rent the house out but dont tell the Mortgage company I havent moved back?0 -
If you redeem in September you will incur a penalty on the Woolwich mortgage, so you would probably do best moving back in, then look at remortgaging for when the deal expires, BTL rates will be cosiderably higher and also tend to have higher fees, could you not move back in and maybe take in a lodger to help out?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
-
How about moving back in and renting a spare room?Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
Thanks for the suggestions - though about that. Think ive made my mind up that I wanna stay @ Mums for the time being. I realise I would have a big redemption penalty if I changed lender before Jan - what would happen if I just did nothing? Would the mortgage co kno wI havent moved back?
The tennant I have at the moment is lovely and she wants to move out in the next few months - I dont want to push her out before she's ready!0 -
oh, and Im struggling to find a buy to let mortgage company out there who will take me on with my wage being below £20k a year!0
-
You could not have looked that hard or had the wrong people looking for you....!
They are out there so do not worry...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
I agree with Dave Ham. A mortgage broker will find you a buy to let deal. I got 2 buy to let mortgages last year on a self employed income of less that that.Life is not the way it’s supposed to be. It’s the way it is. The way you cope with it is what makes the difference.0
-
angelsmomma wrote: »I got 2 buy to let mortgages last year on a self employed income of less that that.
A lot has changed in past 12 months.0 -
Thrugelmir wrote: »A lot has changed in past 12 months.
Agreed, - but not that much that this would now be unachievableI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards