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Further advance with TMW
Nadsbmw
Posts: 27 Forumite
Currently have a BTL mortgage with TMW of £285k ( 4 years now ) I want to take a further advance of £150k taking total loan to £435k. House value approx. £1.2m.
Have used all calculators on website and all figures stack up in terms of rental income and LTV even with the new stress tests.
I'm just nervous that it wont be accepted. TMW were chosen lender as I'm basically a SAHM with a little bit of self employed income and TMW were one of the lenders that didn't require a minimum income. Credit score still very good but my own income still vey small.
Their criteria hasn't changed and my income hasn't changed is this going to be tough ? Is it likely that I'll need to find a new lender and remortgage. Are there even any other BTL lenders that don't require minimum income anymore. There'll still be a huge amount of equity in the house.
Thoughts please.
Have used all calculators on website and all figures stack up in terms of rental income and LTV even with the new stress tests.
I'm just nervous that it wont be accepted. TMW were chosen lender as I'm basically a SAHM with a little bit of self employed income and TMW were one of the lenders that didn't require a minimum income. Credit score still very good but my own income still vey small.
Their criteria hasn't changed and my income hasn't changed is this going to be tough ? Is it likely that I'll need to find a new lender and remortgage. Are there even any other BTL lenders that don't require minimum income anymore. There'll still be a huge amount of equity in the house.
Thoughts please.
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