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Buy to let & residential with santander?
Needsomesunshine
Posts: 63 Forumite
HI. We have a buy to let mortgage with Santander for 131k, no problems 125% cover rent & no payment problems for the 8 years we have had the property. We have £10k in there & would like to purchase the house we rent at the moment. We have a late payment marker & 2 defaults between us, everything else satisfied.
My question is if we are better off approaching our current provider, santander, for a mortgage.We need 180k & could get 210k according to their affordability calculator. I dont want to go through the application with santander only to get rejected. Would other lenders lend to us & would they take into account the 10k capital on our btl?
We can raise a 10% deposit.
Thankyou:)
My question is if we are better off approaching our current provider, santander, for a mortgage.We need 180k & could get 210k according to their affordability calculator. I dont want to go through the application with santander only to get rejected. Would other lenders lend to us & would they take into account the 10k capital on our btl?
We can raise a 10% deposit.
Thankyou:)
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Comments
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They will not take into account the £10K equity you have in your BTL property as this means you have what 90% LTV ?
How did you get a BTL mortgage with that kind of LTV ? Are you on interest only or repayment ?
You need to see a " whole of market mortgage broker" to see if you can get a mortgage with your late payment and 2 defaults.
Have you got a good deposit of 10/15% plus money to pay fees ?0 -
Abbey/Santander maximum is 80% for a second property.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Needsomesunshine wrote: »4 We have a late payment marker & 2 defaults between us, everything else satisfied.
What has been satisfied and when?0 -
Thrugelmir wrote: »What has been satisfied and when?
Thanks for your replies. We originally had a residential mortgage with Santander. We needed to relocate so they łet us change it to btl when our deal expired. So we already have a btl mortgage with Santander & looking for an additional residential one.
I am disputing the late payment marker & the default will drop off next April 20140 -
We have a 10% deposit & money for fees. We are looking to borrow 180k0
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80% maximum for a mortgage on a second property with Abbey/Santander.Needsomesunshine wrote: »We have a 10% deposit & money for fees. We are looking to borrow 180kI am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Is it possible to get a 90% mortgage with someone else? I am thinking I may have to get a mortgage for a year then remortgage when we are in a better position.0
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Abbey will not touch you with defaults, while they are showing, you will struggle to get 90% with anyone.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
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Even if I already have a buy to let mortgage with them? Is there anyone else anybody can recommend. Thankyou0
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The brokers on here can't do that.
You'll need to conduct your own research, or consult a broker in the real world.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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