Buy To Let Mortgage

Minfish

Hello,

I'm hoping someone can point me in the right direction with my current predicament

I currently have a house and a mortgage in joint names with my ex. When we split up I moved. I agreed that I would continue to pay my half of the mortgage until we decided what to do with house (there was no point in selling it as the house prices had dropped in the area).

Out of the blue I received a letter from her solicitor advising that she is willing to transfer the title deeds into my name provided I can get the mortgage transferred as well.

I'm now in the middle of getting this done (why do the Halifax insist on making things so difficult).

My plan is then to let the property out. The Halifax have granted consent to lease for the remaining two months of the mortgage then I need to transfer to a buy to let mortgage.

My problem is that I'm now not earn as much as I previously did and the fact that I'm paying rent as well as half a mortgage has used all my savings.

Is there anyone out there that can do a buy to let mortgage without needing a deposit?

Thanks

GMS

Minfish wrote: »

Hello,

I'm hoping someone can point me in the right direction with my current predicament

I currently have a house and a mortgage in joint names with my ex. When we split up I moved. I agreed that I would continue to pay my half of the mortgage until we decided what to do with house (there was no point in selling it as the house prices had dropped in the area).

Out of the blue I received a letter from her solicitor advising that she is willing to transfer the title deeds into my name provided I can get the mortgage transferred as well.

I'm now in the middle of getting this done (why do the Halifax insist on making things so difficult).

My plan is then to let the property out. The Halifax have granted consent to lease for the remaining two months of the mortgage then I need to transfer to a buy to let mortgage.

My problem is that I'm now not earn as much as I previously did and the fact that I'm paying rent as well as half a mortgage has used all my savings.

Is there anyone out there that can do a buy to let mortgage without needing a deposit?

Thanks

What is the property worth? How much mortgage needed?

Minfish

The property is worth around £110k. I'd be looking for a mortgage of around £85k.

bigadaj

You'll need a 25% deposit, if you haven't any cash then you need this as equity. If you haven't much equity then you won't be able to get a btl, in which case the best option might be to sell. If you sell there may well be money outstanding that will need to be paid back, maybe this explains why your ex is so keen for you to take over the house.