Mortgage advice please

simpywimpysimpywimpy Forumite
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Both hubby and I have excellent credit scoring.

Hubby works abroad, not paying UK tax. I am not working.

We are struggling to get a BTL mortgage as hubbys wages will not count with him being / working abroad.

I personally have two houses. One owned outright (140k) plus another (100k) with 30k mortgage on it but bringing in 525 per month rent.

We have two jointly owned rentals with mortgages of 40k and 34k but which bring 800 rent a month together.

I would ideally like to buy a residential home to move into myself of 120k and one other rental for approx 60k. I have 50k savings.

So far we have been unsuccessful. Anyone have any idea how to move forward? I have spoken to my usual advisor without success.

Replies

  • ACGACG Forumite
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    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
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    Ive actually got something similar on my desk to look into tomorrow - although it is on a residential basis rather than a BTL one.

    If i have any joy i will let you know.
    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.
  • simpywimpysimpywimpy Forumite
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    I would be grateful if you could let me know ACG.

    Out of interest, how much income do you have to show to get a BTL mortgage in my own right? I can probably show up to 10k income in my own name which keeps me just under the tax threshold if that helps.
  • ACGACG Forumite
    21.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
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    Depends on the lender, some dont have a minimum.
    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.
  • GMSGMS Forumite
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    As an existing landlord there are lenders who wouldn't need a minimum income.

    Have you considered refinancing the current rental properties in order to purchase the residential?
    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.
  • simpywimpysimpywimpy Forumite
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    Part of the Furniture 1,000 Posts Combo Breaker
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    I would like to remortgage to release capital but am struggling to get a mortgage in my own name. I have not yet filled in a tax form for this year but once done, it would show me being just around the threshold for paying tax.
  • Wh05apkWh05apk Forumite
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    Part of the Furniture 1,000 Posts Combo Breaker
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    Who does hubby work for? Multi national or small company? are wages paid to a uk account? there may be options?
    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.
  • simpywimpysimpywimpy Forumite
    2.4K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    works for south african company and paid into uk bank in US dollars
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