Savings, no debts, refused buy-to-let

Blackandwhite_2

Hi all,

I just wanted a bit of advice regarding the above.

In short, my husband and I have £100,000 in cash savings (ISAs, Premium Bonds etc.), and my husband has an income of £135,000 per year. We live in a house which is owned by family, and no debts, apart from £600 on a CC.

We want to invest in buy-to-let or holiday cottages, but are consistently being refused mortgages, even with a 40% deposit, as we don't currently have a mortgage on the property we live in.

It seems we are stuck in a position where we have money, and good income, but can't move any further forward.

Is there anything we can do to make us more appealing, or should we just walk away and keep saving until we can buy outright? We live in one of the most expensive areas to buy a house in England, hence the need for the mortgage.

Thanks!

ACG

Stop applying for mortgages blindly your ruining your credit score!

Speak to a broker, there are only 1 or 2 lenders who will do BTL's for first time buyers or people who are not home owners - theyre not lenders on the high street (but that doesnt mean extortionate rates).

Any decent broker will be able to sort this for you (presuming your credit score isnt too bad).

Blackandwhite_2

Hi,

Thanks for replying, ACG

I should have clarified that we're not just applying blindly for mortgages, as we know about the credit score damage this can cause. We're literally being turned away at the door when they discover we haven't got a mortgage or property.

So far, only one lender has run a credit check which was fine, but then they discovered the 'no existing mortgage' problem.

I'll start finding a broker.