Switching mortgage low income

UKSBD

I currently own 1 property value approx. £280,000 with £45k mortgage.


2nd property approx. £340,000 with no mortgage.


I want to switch mortgage from 1 property to the other.


Problem is I am company director, only earned £10K a year past 2 years and no dividend last year.


When I put my figures in to calculators, it doesn't take assets in to consideration and says maximum they will loan is £0


Is there a way of switching mortgage from 1 property to another without them taking earnings in to consideration?

betmunch

Short answer, no.

Why do you want to switch the mortgage to the other property?

If one is let out you may have options

UKSBD

betmunch wrote: »

Short answer, no.

Why do you want to switch the mortgage to the other property?

If one is let out you may have options

The property with the mortgage on it is no longer main residence (don't even know if it against mortgage terms to not be lived in)


I'm just coming to the end of a reduced rate and will go on to the standard rate soon.


Don't particularly want to go to another reduced rate on existing property as I may be renting it out in a few months.


It would just be simpler all round if I could move the mortgage to the other property (main residence) and then I could fix it for 3 years again.

UKSBD

Bit of a bump on this as circumstances have changed a bit.


I've read that Nationwide allow you to Port Mortgages.
Is the criteria as strict when porting?


Also, the calculators ask for latest period and previous period income.


Does latest period mean this tax year April 2015 - April 2016?


If so, the calculators say I could easily borrow what I need.


Is Porting my best option?

Yorkie1

Porting a mortgage is simply permission to transfer the existing interest rate on the outstanding balance to a new property when you sell the first one.

However, you need to make a completely new mortgage application in the first place - if accepted for that, then the rate may be ported across.

UKSBD

Yorkie1 wrote: »

Porting a mortgage is simply permission to transfer the existing interest rate on the outstanding balance to a new property when you sell the first one.

However, you need to make a completely new mortgage application in the first place - if accepted for that, then the rate may be ported across.

Thanks,
Is it the same even if you are not buying or selling?


I already own both the properties but just want to switch mortgage from one to the other (less than 20% LTV).