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Buy to Let Help Needed
Options
mph284
Posts: 2 Newbie
Hi,
I currently have a Let Mortgage on a property that I rent out. The Mortgage is a joint mortgage with my ex girlfriend.
Since we split up 3 years ago I have been covering all cost and expenditure but I wanted to know is there any way to remove her from the mortgage.
When I speak to the mortgage company (Santander) I must reapply for a while new mortgage and that because it is let out my rent must cover the mortgage payments by 125% (currently it doesn't cover them) and I must have a 75% LTV (currently have 81%).
Has anyone been in the same position or know of a way to get her name off the mortgage?
Thanks
Martin
I currently have a Let Mortgage on a property that I rent out. The Mortgage is a joint mortgage with my ex girlfriend.
Since we split up 3 years ago I have been covering all cost and expenditure but I wanted to know is there any way to remove her from the mortgage.
When I speak to the mortgage company (Santander) I must reapply for a while new mortgage and that because it is let out my rent must cover the mortgage payments by 125% (currently it doesn't cover them) and I must have a 75% LTV (currently have 81%).
Has anyone been in the same position or know of a way to get her name off the mortgage?
Thanks
Martin
0
Comments
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No. If your existing lender won't do it, your only other option is a remortgage and any new lender will have similar requirement, such as 25% equity and rent must be at least 125% of monthly mortgage interest.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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