Buy to Let but living in a rented house

wold-topper

I have a mortgage on a property that i have now moved out of and had a "certificate to let" from the mortgage company (woolwich).
Now the mortgage is up for renewal soon and they say i cant have a buy to let mortgage because one of the conditions is i live in a property i own?
The house i live in is rented as part of a farm and its a condition of the tenancy agreement i live at the property.
I already own another house, all paid and no mortgage left. I have the finances to meet the payments and good tenants in the property paying a good rent.

I guess my question is has anyone else had this problem and found a solution or are other lenders willing to give a BTL mortgage to someone living in a rented property?

kingstreet

Some want owner occupiers, but as you have another BTL already, you shouldn't have too much trouble finding a lender.

A good independent or whole market broker should be able to help. The BTL specialists don't accept business direct from the borrower, so a broker will open up more options for you.

Typically, you'll need to have 20%+ equity and the rental income should be 125% of the monthly mortgage payment, assuming a rate of 6%pa.