Buy-to-let, let-to-buy or remortgage?

Cornucopia

Depending on the extent of your income, you may find that only two biggest BTL lenders will entertain you. They have both recently dropped their requirement for £25K minimum income.

holly_hobby wrote: »

Then you'll have problems all round ... as BTL mge lenders also have earned income requirements in some format.

Both BM Solutions and The Mortgage Works have dropped this. I am proceeding with a BM Let-to-Buy mortgage at the moment with no declared income.

holly_hobby

Yes, but whilst they don't have 25k minimum, the max loan is instead restricted to a mulitple of the income they do have ... the only instance where no proof or minimum reqd at all is in the case of a professional landlord - which the OP isn't.

Hope this helps

Holly x

Cornucopia

holly_hobby wrote: »

Yes, but whilst they don't have 25k minimum, the max loan is instead restricted to a mulitple of the income they do have ... the only instance where no proof or minimum reqd at all is in the case of a professional landlord - which the OP isn't.

Hope this helps

Holly x

Sorry - quite right.

I am a professional.... apparently.

holly_hobby

Cornucopia wrote: »

Sorry - quite right.

I am a professional.... apparently.

Great :beer: ... I didn't know that !

Please tell me you're female too (which I think you may be from your user CP and his little fluffy tail), as there are hardly any industry girlies on here :A!

H x

Cornucopia

holly_hobby wrote: »

Great :beer: ... I didn't know that

Professional landlord.

Please tell me you're female too (which I think you may be from your user CP and his little fluffy tail), as there are hardly any industry girlies on here :A!

H x

No - just a weird taste in cute cartoon characters.

holly_hobby

Bummer

Talk about cross wires .. :rotfl:!!

H x

Laurence_WMF

Very interesting and pertinent information about dropping the 25k requirement. A Halifax adviser has told me that they have no income requirement, and two brokers have told me that they can get buy-to-let mortgages not dependent on income.

I do have some income that might qualify for a small mortgage, but less than I would like to take out.

I had a small mortgage ages ago on a long-sold property with Northern Rock, which I paid off in two years. Don't know where any proof of this is - should |I search my attic for documents?

I am going to see a broker.

Cheers,
Laurence

Laurence_WMF

holly_hobby wrote: »

Mortgages aren't transferrable from 1 property to another - and you can't port a mortgage product to a property you already own

Are you sure? My broker today said that a BTL mortgage would be portable.

Thanks,
Laurence

holly_hobby

Positive ... the term porting relates to the mortgage product (fixed, discount, etc) NOT the underlying mortgage borrowings it applies to - they are 2 completely different things.

Porting a product is only on you effecting a new mortgage on a house move, and is applied to an equal amount of borrowings on your new mortgage account, as it covered on your closing one. Accordingly you can neither port mortgage borrowings nor a mortgage product (fixed or whatever) to a property you already legally own.

It should also be noted that porting of the rate is at the discrection of the lender, so can be refused even if you pass new status checks for the new borrowings on a new purchase - your broker should have been more thorough in explaining this to you.

Hope this helps

Holly

Laurence_WMF

Thanks a lot again Holly.

So if I were to take out a BTL on new property, then in a year's time wanted to move there and rent out old property, what should I do?