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BTL Mortgage Needed, Salary and Dividends

whitep
whitep Posts: 6 Forumite
in Mortgages & endowments
Hi All,

I have a dilemma. I am a director of a company taking my income as a mix of Salary and Dividend. I am having trouble remortgaging a BTL property where I am being stuffed 6.99% when I know there are better deals out there.

Can anyone advise any lenders who don't just calculate the rate on main earners income?

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Speak to a broker. Many BTL lenders are broker only.
    I am a Mortgage Adviser
    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.
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    whitep wrote: »
    I am being stuffed

    You certainly are, unless there are problems (certainly, not salary) that you have failed to mention. Go to a broker who should easily source a more competitive lender.
  • MLSY
    MLSY Posts: 53 Forumite
    Hi whitep

    Most lenders will base on rental income calculation alone but will want a minimum income in the background . What is your income ?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, feel free to check our website for our registered number. 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.
  • anselld
    anselld Posts: 8,741 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    MLSY wrote: »
    Hi whitep

    Most lenders will base on rental income calculation alone but will want a minimum income in the background . What is your income ?

    Income is probably £5750 pa for the avoidance of tax and NI.

    That is a drawback of tax avoidance through limited Company structure. However a broker should be able to find a better BTL rate based on the rental income.
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