Buy to let remortgage. Own only 1 property

david_watts_3

Hi there, I have had a look around the forum and couldn't find an answer so hopefully someone may have an answer.

A couple of years ago I gained consent to lease my flat out as I was moving to London with work. Luckily I had enough equity for this to be viable and had enough funds to pay extra into my mortgage.

My lender has been putting pressure on me to get a new product as I am on the variable rate and they would like to charge me more.

I would like to make my mortgage a 'proper' buy to let with another provider. I have around 35% equity a paying tenant and a salary which can cover any shortfalls.

I have only approached one potential lender and they have told me as I rent in London and am not a homeowner I wouldn't qualify for a buy to let mortgage.

Does anyone know if this is normal?

Thanks

somethingcorporate

Most B2L providers require you to be a homeowner so completely normal.

My advice would be to go and see a broker.

david_watts_3

Thanks for a speedy response. I will seek a broker.

Dave_Ham

Good call - there are products out there that would sound like you would fit criteria for, although as stated most of these are exclusively available to brokers.

Good luck