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Advice needed but to let
Primetime1985
Posts: 2 Newbie
Apprise for what will be a long message but really need some help!
My dad has just transferred his property to me value £85000-95000 with no mortgage, I applied for a £20000 loan in my name to do some required maintenance on house and an extension, this was declined due to me being seriously ill b4 Xmas and only just got Bck to wrk so am using a high amount of my available credit! I want to knw if I would b able to apply for a buy to let mortgage on the property for £20000-£25000 to do the wrk I want done I have read that buy to let mortgages don't really on credit rating mainly go on rental return being a percentages above the monthly repayment? As I have 100% equity due to no mortgage am I right to believe I won't need a deposit as owning the property already & my LTV is only go a b about 25% of the houses value?
Any help greatly appreciated
My dad has just transferred his property to me value £85000-95000 with no mortgage, I applied for a £20000 loan in my name to do some required maintenance on house and an extension, this was declined due to me being seriously ill b4 Xmas and only just got Bck to wrk so am using a high amount of my available credit! I want to knw if I would b able to apply for a buy to let mortgage on the property for £20000-£25000 to do the wrk I want done I have read that buy to let mortgages don't really on credit rating mainly go on rental return being a percentages above the monthly repayment? As I have 100% equity due to no mortgage am I right to believe I won't need a deposit as owning the property already & my LTV is only go a b about 25% of the houses value?
Any help greatly appreciated
0
Comments
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Who lives in the property?
Many BTL mortgages have a minimum income level in addition to rental calculation.
As you own the property you wouldn't need a cash deposit however having owned for less than 6 months will exclude many lenders.I am a Mortgage AdviserYou 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 -
Me & misses av £28000 a year income, dad currently lives in property but am gona rent out once wk done
With my credit rating being only average/good would I stand a chance of getting mortgage on it as jst a standard mortgage instead?0 -
The fact that your dad currently lives in the property and was the former owner is likely to place additional barriers into your way. I think you probably need to wait a bit longer (a few months) and reapply for the loan.0
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