Getting a Second Mortgage

amnblog

By the way - a lot of BTL lenders wont like property of this value or lending of this size.

baz2277

Thanks for the further comments. Certainly lots of ideas.

Couldn't see anything with HSBC re £50k earnings, mine are certainly not in that region!

I'm thinking of holding on for a while, as this time next year I will have a further 8k available so with some more strict savings I may be able to get away with borrowing a lot less

(I was hoping to use this to improve whatever property I may buy - similar to what I did when I first purchased....with 100% mortgage - remember those?!)

thanks again for the help - as you said, I'm surprised that HSBC didn't suggest something like this. Perhaps they don't come across situations such as this very often in the local branches (lichfield)

baz2277

just a quick update - I went to the local HSBC Branch yesterday with the suggestions given here, and it could be possible.....

I would need to convert the existing consent to let across to a proper BTL, then take out a homeowner loan for the difference (I could not remortgage to the full amount on its own with HSBC). Then I could apply for a normal residential HSBC mortgage using the deposit from the BTL.

However, they did tell me that any one of these stages could be refused, depending on my criteria - being self employed certainly doesn't help, but they are apparently changing some of the terms of their own BTL's soon, making the £50k salary much less.

I also need two years books (which I will have soon), but they will also consider previous P60's from when I was employed. So in theory, it's all possible! Thanks for the advice given by all here, it could make a real difference!