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Can't get buy to let mortgage. Help!
littlevic
Posts: 4 Newbie
In October 2016 I began working in Spain. I got permission to let my UK house from my mortgage company for 1 year until 1st October 2017. The house is let through a letting agent.
The mortgage company told me that after a year I would need to change my mortgage to a buy to let if I wanted to continue renting it out.
Well, I do want to stay abroad for another year, My mortgage company doesn't offer buy to let mortgages and the mortgages I've looked into all require a salary of over £25000 - which I earn nothing near! All the mortgage companies I've tried won't touch me because I live abroad and earn less that £1500 per year. What are my options other than sell my house? It's a great investment and I've a great deal of equity tied up in it. Any advice please??!!
The mortgage company told me that after a year I would need to change my mortgage to a buy to let if I wanted to continue renting it out.
Well, I do want to stay abroad for another year, My mortgage company doesn't offer buy to let mortgages and the mortgages I've looked into all require a salary of over £25000 - which I earn nothing near! All the mortgage companies I've tried won't touch me because I live abroad and earn less that £1500 per year. What are my options other than sell my house? It's a great investment and I've a great deal of equity tied up in it. Any advice please??!!
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Comments
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On that income, I'm surprised you are not selling the house just so you can eat......0
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I've not come across a BTL lender who will consider earnings less than 25k though you could try a specialist broker0
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I know this must be a very naive and stupid question for people who already know, but how can you earn less than £1,500 per year?
Is that because lenders only take into account the money you earn in pound sterling and not the money you earn from working abroad due to different currency? Or they do, but the money you earn from working abroad equals to less than £1,500 a year after currency conversion and you have been using the money from renting out your property you pay the mortgage in the past year?0 -
Crashy_Time wrote: »
Not a good article.In October 2007 they took out a “self certification” mortgage on a three-bedroom semi with lender The Mortgage Business, planning to rent the house out while they waited for prices to rise – at which point they would sell for a profit.
"as well as make mortgage payments on the homes they live in".0 -
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streetlovin wrote: »I know this must be a very naive and stupid question for people who already know, but how can you earn less than £1,500 per year?
Is that because lenders only take into account the money you earn in pound sterling and not the money you earn from working abroad due to different currency? Or they do, but the money you earn from working abroad equals to less than £1,500 a year after currency conversion and you have been using the money from renting out your property you pay the mortgage in the past year?
Recently bought a BTL?0 -
Spain and bad property bets feature strongly in this story, more than alligators getting dipped as well....
http://www.bbc.co.uk/news/business-401843470 -
Crashy_Time wrote: »Spain and bad property bets feature strongly in this story, more than alligators getting dipped as well....
http://www.bbc.co.uk/news/business-40184347
Who are you voting for?0
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