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advice on buy to lets
Comments
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Last time I did a BTL mortgage, which was actually a remortgage 2 years ago, they went through everything with a fine tooth comb. Wanted ALL our details of our personal expenditure, it was completely ridiculous. The rental income we were getting was £675pcm against repayments of about £300. Still found it necessary to go through the whole rigmarole of what we spend at the hairdressers, the lot.
So I'd say you're unlikely to get any mortgage easily with other income.
Having said that, a broker might find you a specialist lender who would lend, and if you end up paying a higher rate it could still work if the rental income is high enough to cover all costs.0 -
Thank you hoploz i decided to use the money to make an overpayment on my mortgage as suggested earlier and i have kept enough to build another extension on my house at some point or just leave as savings i think you are qiute right and it would be a waste of time us trying for another mortgage my husbands wages vary from week to week and he has become self employed in the last two years thank you to everyone for their input0
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