income to subsidise rental

ftbbtl

I have been give a exception deal but need to find a lender that will take my salary and allow me to use it to subsidise the rental income shortfall.

The rent is £800 and the mortgage is £1020 however as I am a not a home owner most banks want me to own my own home but I don't need to as I am staying a in a place rent free. I need a lender that will allow me to subsidise the difference.

Can anyone help please?

Thanks

Kaz2904

I don't get it?
What they are probably concerned about is the fact that you may not be able to afford repayments if the property was empty.
Surely you won't be able to live rent free for ever?
If you are ever going to live in your BTL then maybe you could get a mortgage for you to live in it and then inform the lender after a couple of months that you are going to rent it out.
In that situation you wouldn't have the problems of proving you can cover 2 lots of rent or mortgage per month.

A_Nice_Englishman

Why do you want to start a business which will lose money from day 1?

In fact it's even worse than you think as you haven't taken account of void periods, bad debts, repairs, redecoration, legal fees,insurance, agents fees, costs of evicting bad tenants, rises in interest rates and falls in property values.

Have you considered that landlords who bought years ago at much lower prices will be able to undecut you and still make a profit?

Are you familiar with the 50 Acts of Parliament and 70 sets of regulations which may apply? Did you know you can be held responsible for the anti-social behaviour of your tenants?

IveSeenTheLight

ftbbtl wrote: »

I have been give a exception deal but need to find a lender that will take my salary and allow me to use it to subsidise the rental income shortfall.

The rent is £800 and the mortgage is £1020 however as I am a not a home owner most banks want me to own my own home but I don't need to as I am staying a in a place rent free. I need a lender that will allow me to subsidise the difference.

Can anyone help please?

Thanks

You could see if there is a lender who will offer a longer amortization period.
This would lower your mortgage rates.
Not a very good MSE tip as it would cost you more in interest in the long term, howev er if you were to overpay, this would reduce the amortization period.

Just an option