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stuck between a rock and a hard place

turtleneck · 2014-07-27 09:49:27

I rented out my flat without realising all the implications... Now I find I can't put things right, I have a residential mortgage and have been refused consent to let. I have also been refused a buy to let mortgage for the following reasons: - my income is under 25,000 - this is my only property - my lease is under 70…

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turtleneck Posts: 102 Forumite

3 August 2014 at 12:15PM

The broker I am dealing with said there is one company who might entertain the idea of a re-mortgage on buy-to-let. They would require the lease to be extended as part of the re-mortgage, which is ok, as the cost of the extension will be covered by the increase in value of the property. So I am waiting on the freeholder to tell me how much it will be.

I can then hopefully release some equity from the property and have it let out properly.

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stuck between a rock and a hard place

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