what could i raise on a BTL?

de1amo

İ have no idea of the BTL system which currently runs in the UK because i live in Turkey at present.

İ know in the near future i will have to raise some captial to to rebuild my Turkish home. A sum of about 30k GBP.

At present i have a mortgage of 55k on my uk home against a property worth 200k. At the moment my nephew acts as a caretaker tennant and pays a nominal rent.

From the uk i draw an occupational pension of 8k pa....İn Turkey i have a business, home and income but dont want to raise capital here because of the high interest rates.

İf i were to rent my uk home out on a proper basis it would earn about 800pcm.....how are BTL mortgages suited to my needs

İ want to keep my uk home as my safety net!!

Thrugelmir

de1amo wrote: »

..how are BTL mortgages suited to my needs

I would say they are not. The lack of UK residency and level of income will be be sizable issues to overcome.

de1amo

the residency is not an issue!!!....to all intensive i still live in the property...i pay all the bills and never left as a resident...i can dwell in my brother's home as a second address....

wont the rent be applicable to cover the debt....plus my pension...i never touch it as it shows in my bank accounts

Thrugelmir

de1amo wrote: »

the residency is not an issue!!!....to all intensive i still live in the property...i pay all the bills and never left as a resident...i can dwell in my brother's home as a second address....

Have you been registering on the electoral roll every year?

de1amo

i come home for the necessary time obligation to be in my property for the electoral role...it is a direct flight and easy to make the effort

Senior_Paper_Monitor

You will be considered ex-pat - end of !!


60 - 65% LTV could be possible (but the nephew is probably out !!)


Subject to age/employment/income criteria

de1amo

are BTL judged as dependant on residency.my logic says they are more like business loans because they arent on the property you live in...


60 pc would be far more than i need......85k max with current mortgage taken in.....on 200k property...

Senior_Paper_Monitor

Any loan is judged on many factors including your location of residency - hence your average Nigerian Prince has a little difficulty obtaining an interest free settee delayed settlement agreement from DHS !!


Arrange to meet a mortgage adviser (accompanied by your documents) on next "come home for the necessary time obligation to be in my property for the electoral role".

silvercar

Either:

a) your English home is your residence and you could get a residential mortgage on it. Stumbling block - you don't have the income to justify it.

b) your English home is let out and you need a BTL mortgage with the rental income to justify the mortgage. Problem you aren't letting it under a proper tenancy agreement to an unconnected tenant.

Stuck between a rock and a hard place.