Portfolio BTL Mortgage

ads2312

I'm looking for a portfolio BTL mortgage but can't find any. Have they stopped them or is it a broker only deal ?
cheers

wolfplayer

What's your position again?

Did you buy 1 or 2 more BTLs earlier this year? So now got 3 or 4?

https://forums.moneysavingexpert.com/discussion/4905216

ads2312 wrote: »

Hi

After a bit of advice on the best way to generate some cash.
I have about 20k left to pay on my mortgage for my house that I live in, It's a one account with virgin mortgage, the term was for 23 years but only 12 years in so well ahead. House is worth about 280k.
I've got 2 flats which I rent out which are paid for outright. This is my business and only income at the moment but my partner works and she earns about 30k.
I want to buy another flat which is cash only but I don't have that much cash, maybe 15k, need 70k.

GMS

Speak to a broker as many BTL's are broker only.


How many properties do you own? How many are you looking to put into a portfolio mortgage?

ACG

You will need a broker, its a case of speaking to the lender and giving them the info for all of them to let the underwriter make a decision.

There are products for that as such, its done on an ad hoc basis.

ads2312

thanks, thought that ! Broker it is then

wolfplayer - yeah got 3 now and 4th on its way once I sort these mortgages out. None are on mortgages so want to do all 3. Looking on line hasn't got me far lol, seems lenders don't like you to have too many properties ! Want more so need to be careful which one I choose as I don't want to have to do it again for a while, which is why the portfolio ones appealed.
cheers

ACG

Some lenders dont mind you having a few with them but they all vary.

If all are on the same street or within close proximity that can cause issues of over exposure in a certain area - but this is why its a case of getting all the details over to an underwriter as there is no set answer for these kind of enquiries.

ads2312

thanks
2 on south coast and one in North Wales, other one I want is in same house in NW. Now to find a decent broker
cheers

ACG

Difficult to give a definite answer.
2 properties in the same building could be deemed as over exposure - a lot say over 50% so if the 2 are in a building with 3 flats that puts you at 66%...

they may take a view as its diluted by the 2 on the south coast.

Difficult to say without having all the details.

Definitely one for a broker though, im sure there will be a solution for it.