Investment Property & Self Employed

miguelito

Hi all

Just had a rather unproductive call with a MA, so thought I would post on here to see if anyone can offer me a little advice and point me in the right direction.

As of next month I will pay off my mortgage (£160K), at present I am happy with the house and have no plans to move.

However I would like to invest in another property which I have seen come on to the market recently currently valued at £100K.

Without selling my own property is there a means of releasing the equity in my property in order to buy something else? Someone mentioned let to buy as opposed to buy to let, however the MA seemed unclear whether this was an option available to me.

My own situation is that I am self employed, company has one year trading results showing an 80K profit.

Am I right in thinking Halifax are one of the few lenders which would accept only 1 years accounts?

Many thanks for reading.

questionss

Are you a contractor? If so there are specialist brokers who will be best placed to help you. Who is your current mortgage with?

betmunch

Sorry? The MA you spoke to didn't know if let to buy was an option to you?


That product is for very specific circumstances (which you don't seem to meet) so for him not to know if it applies to you is appalling.


Delete his number and try again with a different broker, one that knows the basics at least!

miguelito

Yes, I'm a contractor.

My current mortgage is with the Halifax.

questionss

My husband is a contractor and we went direct to HSBC for a new residential mortgage - we'd had our previous mortgage with them. They scrutinised our finances as individuals so although we didn't tick many boxes we were accepted. One year trading, previous residency & majority of income overseas, but not massively stretching affordability...
They also spoke to underwriting directly about our case & paperwork before we formally applied.
If we had been underwriting had advised acceptance was unlikely then we planned to contact "contractor mortgages made easy" as we'd had a few good recommendations for them
I think Halifax is contractor friendly but possibly only via a broker

amnblog

As Bet says, it appears your mortgage adviser was in his first week in the job.


Speak to someone who knows what they are doing.