Finding BTL remortgage and the process?

GMS

What type of property is it?

Cornucopia

Did the broker mention salary - I thought that many BTL lenders now had minimum salary requirements, stupid though that seems.

I'm about to tackle that problem myself, hence the interest.

Beckyy

It's a 1 bed terrace cottage.

He was thinking that it may be classed as a conversion as the house and the 1 bed cottage next door are thought to have probably been 1 house but this goes back way beyond when anybody locally can remember and the house was never called a conversion in any home report when we bought it, just a 1 bed terrace cottage so I wouldn't say it was a conversion personally.

Minumum salary on most seemed to be £25,000 for 1st applicant, or joint salary of both applicants which wasn't an issue for us as OH earns £28K basic.

Beckyy

I've been scrutinising the lending criterias of as many providers as I can and think I might have found something!

I initially dismissed Virgin Money as their minimum age was 21, however looking at their lending criteria it's the first applicant who must be over 21 (OH) 2nd applicant (me) only has to be over 18.

I've just phoned them up and asked the poor advisor lots of questions and it seemed to tick all the boxes. He said we can remortgage an unencumbered property and asked what the funds were for, I gave him an honest breakdown o personal use & next BTL and he said that should be fine. I could apply over the phone but I'm not sure I believe it's do-able after having so many products not available so I'm going to go into branch next week and apply. Just a shame it's 60 miles away! Very excited, I hope he got it all right on the phone.

Cornucopia

For anyone who's interested, I have found out that BM Solutions, one of the largest BTL lenders have recently removed their minimum salary requirements, and are now offering BTL on the old terms of rental affordability only.

http://www.bmsolutions.co.uk/

Beckyy

That's interesting to know as I would be unable to take one out without OH's as a joint applicant as I earn nowhere near enough on my own to satisfy criteria.

GMS

Minimum age 25 for BM