We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
BTL mortgage question
Options
Comments
-
If it's TMW, they use a calculator;-
http://www.themortgageworks.co.uk/products/calc/rental-income-required-calcI 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 -
No I do own my own home which I can do consent to let on (have checked with current lender) and a residential purchase on other house (prospective BTL) but it needs a large extension to truly suit our needs so was toying with the idea of staying put in current house and purchasing other as BTL so can live in more comfort while saving up for the work to be carried out, I have plenty of disposable income so this could be an option.DMP Nov 09 £25,851.93 DMP June14 £0 100% paid:D
[STRIKE]Target DFD 31st Dec 2014[/STRIKE] DFD 7th June 2014:j
VSP no 118 £153.25 Weekly Savings Challenge #12 £276/£1378 PAYD by Xmas 2014 #095 8,500/8,500 = 100% paid #22 £365 in 365 days 168/3650 -
If you haven't already done so, discuss this with an independent mortgage broker to establish your options and who can roadmap/timescale your credit issues at the same time.
There are too many variables to take into account to do it on here.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 -
Yes I will do
Many thanksDMP Nov 09 £25,851.93 DMP June14 £0 100% paid:D
[STRIKE]Target DFD 31st Dec 2014[/STRIKE] DFD 7th June 2014:j
VSP no 118 £153.25 Weekly Savings Challenge #12 £276/£1378 PAYD by Xmas 2014 #095 8,500/8,500 = 100% paid #22 £365 in 365 days 168/3650 -
Mortgage_Mark wrote: »I suspect they're just lumping TMW/Nationwide in together.
In my experience Clydesdale Bank are one of the worst for BTL affordability too as they will look to ensure that it's affordable in a similar way to a residential mortgage, which can cause problems.
Not sure if thats the case because I have a reasonably large residential plus other outgoings and BTL's and I certainly would not have passed their affordability rules if they were judging this BTL the same as a residential. The offer is being sent out today.0 -
Forget about a buy to let Araminter
The buy to let market is not geared up for your credit profile.
https://forums.moneysavingexpert.com/discussion/5132542I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Not sure if thats the case because I have a reasonably large residential plus other outgoings and BTL's and I certainly would not have passed their affordability rules if they were judging this BTL the same as a residential. The offer is being sent out today.
It is the case but unfortunately (or fortunately in your case
) they're extremely inconsistent with what they look at, it's incredibly frustrating as a broker! 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards