Problems getting BTL Mortgage,

CloughaSW

Morning All,

I'm struggling (read "can't") get a BTL mortgage for a property that I used to live in. Nor can I obtain consent to let from the bank since I've had that for a year already.

I understand how unappealing I may look (despite the exemplary repayment record):

Self-employed for just over a year, didn't turn a profit in year one - I don't think this is unusual.

House not let continuously for the last six-months - I had some work to do on it and have been trying to obtain a BTL although I may have dragged my heels a bit here.

Not paying £50,000pa into my bank - no surprises there!

I've tried a handful of banks, and a couple of mortgage brokers and there appears to be no-one willing to provide with me with a BTL.

I am loathe to sell the house since it is currently part of my retirement fund; it is essentially the only major asset I have and as a point of principle I don't feel that I should have to sell it.

Does anyone know of a lender who will provide a case like mine with a BTL?

What are the implications if I let it out under the non-BTL mortgage? The genuine intention would be to get six-months continuous let so that I have a chance of getting a BTL.

I'm reconciled with the fact that I need to get a BTL.

Thanks for sticking with it!

ACG

Find another broker.
Im surprised you have spoken to a couple of brokers and none have been able to place it - unless you have missed something important off.

Forget high street lenders, thats unlikely as you do not fit mainstream criteria.

CloughaSW

Thanks ACG.

I became clear early on that High St lenders aren't interested. The £50,000pa thing basically says "We don't want your business anymore".

I shall try some more brokers.

amnblog

From what you have said this is your only property and you cannot prove any personal earned income (one years accounts and no profit) - is this the case?


These two elements are key criteria for buy to let lenders and finding a lender to handle both factors practically removes the whole of the market.


Where is this £50,000 'thing' coming from?

Thrugelmir

CloughaSW wrote: »

Self-employed for just over a year, didn't turn a profit in year one - I don't think this is unusual.

Whether it's unusual or not is irrelevant. A lender isn't going to advance money on what might happen in the future. That's not unusual either.

CloughaSW

amnblog wrote: »

From what you have said this is your only property and you cannot prove any personal earned income (one years accounts and no profit) - is this the case?


These two elements are key criteria for buy to let lenders and finding a lender to handle both factors practically removes the whole of the market.


Where is this £50,000 'thing' coming from?

My bank, who are my current mortgage lender, wouldn't even consider BTL unless I was earning (which in hindsight may have been more accurate than "paying in") £50,000pa.

CloughaSW

amnblog wrote: »

From what you have said this is your only property and you cannot prove any personal earned income (one years accounts and no profit) - is this the case?


These two elements are key criteria for buy to let lenders and finding a lender to handle both factors practically removes the whole of the market.


Where is this £50,000 'thing' coming from?

Oh, and you summarise correctly.

So my only completely truly by-the-book option is to sell?