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age problem buy to let

billozz
billozz Posts: 178 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
hope someone caan help, my wife and i own our house which is worth about £250,000 and have a half share in a house that is worth about £150,000, we would like to buy another property and let our house to generate some income the property we want to buy is £65000, ok but the problem is we are both 57 and our building society will only lend us the funds over 8 years (to retirement age),
i am self employed and do not see myself finishing work at that age anyway and my wife feels the same. can anyone help us with a solution please.
thanks
Bill
Smile and be happy, things can usually get worse!

Comments

  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    Can you not remortgage your current house which will in turn become your buy to let to extract the funds required to buy your new place?

    You would then use the rental income to pay this off. This avoids the need for your age and income (apart from the normal B2L requirements on minimum earnings) to come into it as the property should be self-funding.
    Thinking critically since 1996....
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Try a mortgage broker. We got a BTL mortgage with Birmingham Midshires for £100k for 8 years (up to 75) and we are 65 and 66.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • billozz
    billozz Posts: 178 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    somethingcorporate wrote: »
    Can you not remortgage your current house which will in turn become your buy to let to extract the funds required to buy your new place?

    You would then use the rental income to pay this off. This avoids the need for your age and income (apart from the normal B2L requirements on minimum earnings) to come into it as the property should be self-funding.

    they will remortgage our property but will only let us have it over 8 years which makes the repayments higher than we wanted to pay,
    Smile and be happy, things can usually get worse!
  • susiejq
    susiejq Posts: 154 Forumite
    PPI Party Pooper
    Have a look on Property118 website. They have a link to companies offering BTL mortgages plus lots of free info to landlords.


    No strings. I subscribe to their newsletter (as a landlord) which is full of very useful info on all aspects of letting.
    Nothing is truly lost until your mum can't find it!
  • billozz
    billozz Posts: 178 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    can it still be classed as a buy to let mortgage if the property we buy with the mortgage is the one we move into in order to let our house out?
    Smile and be happy, things can usually get worse!
  • silvercar
    silvercar Posts: 50,649 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    A BTL mortgage would need to be secured on the property that is let.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    billozz wrote: »
    i am self employed and do not see myself finishing work at that age anyway and my wife feels the same.

    That's not a basis on which to make a lending decision though. You may not feel the same in 8 years time.
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