Residential, borrowing more and a buy to let

surrender_in_pity

Hi,
I wonder if anyone could help me. I have asked a broker and have been told that I am a lost cause due to too many extenuating circumstances.
I am look to mortgage our house,valued at £325k with a mortgage of £171k. I'd also like to borrow an extra 20k (as close to this £ as possible, for some home improvements.


We have no loans/CC and a good credit history,no debt, and a joint income of around 47k PA.We have 2 children, no childcare(from September at least)


We have a buy to let with rental income of £650 on a buy to let repayment mortgage of £645


I understand the lending multiples may be causing an issue and eliminate some lenders.
The buy to let criteria seems to be handled differently by each lender.


As I say I have attempted a Broker and after about a month was told it's no go and impossble. In this month they did say they closed for a week, which I could have done without (they didn't inform me of this absence). I try various bank calculators but the underwriting will obviously highlight more than the calculators allow and I'm worried about soft credit checks.


Any help?

betmunch

What makes you think the broker is wrong? Did you lose confidence in them for some reason?

Try a different broker. Theres far too much to it to go into on an online forum, you need a full fact find done to get proper advice.

Thrugelmir

surrender_in_pity wrote: »

We have a buy to let with rental income of £650 on a buy to let repayment mortgage of £645

Doesn't sound particularly good. Particularly once all the other costs are taken into account.

surrender_in_pity

I did lose a bit of confidence when he went on holiday, (after being told to be patient as he was awaiting an underwriter reply from Santander).
Also the fact he came back to me with a 'best case scenario' offer. And no other suggestions, it felt like it was too much bother.
Regarding the btl, yes we are about £600 down on insurance and a few repairs, I reduced the years to pay it off quicker and to deal with any issues. I guess it was a retirement plan, but yes I may have got that a little wrong.