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Confused over BTL Remortgage
Comments
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Thrugelmir wrote: »Do you own another residential property?
I don't own a property but i have £55k to put down and earn 22k a year. My father owns a property with 300k equity and earns 60k. so my broker said to get the BTL mortgage we need to put my dad on it as a 1% owner and I can own 99%. mostly due to tax reasons but also i'm putting all the money up for the property.Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)0 -
What I really meant by that comment was do all BTL mortgage providers now look at your personal income and use that as a factor in their decision to lend or not, rather than can I appeal to Leeds.
HSBC also wanted to know I could pay 50% of the mortgage from my personal income, so there are certainly more strict lenders out there.
As soon as my only current T's either move out or buy the property, I'm out of the BTL market now, as some other requirements your father may be in with that arrangement are too great for me to commit to now.
CK💙💛 💔0 -
I don't own a property but i have £55k to put down and earn 22k a year. My father owns a property with 300k equity and earns 60k. so my broker said to get the BTL mortgage we need to put my dad on it as a 1% owner and I can own 99%. mostly due to tax reasons but also i'm putting all the money up for the property.
Let us know how you get on with this one.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 -
Let us know how you get on with this one.
will do! as an adviser what do you think of this setup to get the BTL?Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)0
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