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Re mortgage on buy to let
angelsmomma
Posts: 1,192 Forumite
My fix on a buy to let mortgage is coming to an end in 3 months. I am looking to re mortgage. I would like to raise about £10,000 on top of this if possible to pay off my residential property.
I can't ask the mortgage works to offer me a deal as I am in breach of the mortgage on another property with them ( I moved into a buy to let property because I couldn't let it for a reasonable rent).
I owe £50,000 on this buy to let property with a value of approximately £80000. I am self employed with a low income but rental property income of £875 a month on 2 properties (which includes this one) interest only payments of £310 a month. I also have income of £350 for a lodger in my own home and csa ordered child support of £240 a month.
Is there a mortgage available to cover this with only self employed income indicated above (under the usual £25,000)
Any help much appreciated. Especially from Holly who has been such a help before, Hi Holly :hello:
I can't ask the mortgage works to offer me a deal as I am in breach of the mortgage on another property with them ( I moved into a buy to let property because I couldn't let it for a reasonable rent).
I owe £50,000 on this buy to let property with a value of approximately £80000. I am self employed with a low income but rental property income of £875 a month on 2 properties (which includes this one) interest only payments of £310 a month. I also have income of £350 for a lodger in my own home and csa ordered child support of £240 a month.
Is there a mortgage available to cover this with only self employed income indicated above (under the usual £25,000)
Any help much appreciated. Especially from Holly who has been such a help before, Hi Holly :hello:
Life is not the way it’s supposed to be. It’s the way it is. The way you cope with it is what makes the difference.
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Comments
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Are you saying your have arrears on another BTL mortgage?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
No I have no arrears sorry I was not very clear. I moved into the buy to let and changed the interest only mortgage to a repayment.Life is not the way it’s supposed to be. It’s the way it is. The way you cope with it is what makes the difference.0
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I have 3 properties. Non in arrears. 2 buy to let. 1 Residential with consent to let.
I live in one of the buy to lets ( I couldn't get a rental return to make a profit on it so moved in and let my residential property on consent to let with another lender)
My 2 year fix is now ending one of my rental the buy to lets.Life is not the way it’s supposed to be. It’s the way it is. The way you cope with it is what makes the difference.0 -
Neither the contribution from the lodger nor the rental income will be taken into account.0
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Ok thanks. I have seen an advisor and its ok to do.Life is not the way it’s supposed to be. It’s the way it is. The way you cope with it is what makes the difference.0
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