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Buy-to-let mortgage rental cover ratios

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PIX13
PIX13 Posts: 3 Newbie
in Mortgages & endowments
Hi,


I'm looking to remortgage my rental property (Around 70% LTV) but most of the mortgage providers have large rental cover ratios of 125-145% of the mortgage interest for the minimum rent required. Unfortunately the rent I receive isn't high enough to cover the 125%.


Does anyone know any mortgage companies who do not have this as a lending criteria on buy-to-lets?


Thanks,

Comments

  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    brokers would be your best port of call as they take all your details and tailor a lender to you
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • PIX13
    PIX13 Posts: 3 Newbie
    Thanks - Yeah I know. I have a good broker but I'm just trying to avoid broker fees if at all possible!
  • kingstreet
    kingstreet Posts: 39,274 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    In which case, you'll need to roll your sleeves up and research the lender criteria to establish your options.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblog
    amnblog Posts: 12,732 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    PIX13 wrote: »
    Thanks - Yeah I know. I have a good broker but I'm just trying to avoid broker fees if at all possible!

    Charming, I suspect you will get the result you intend to pay for.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • logan77
    logan77 Posts: 23 Forumite
    PIX13 wrote: »
    Thanks - Yeah I know. I have a good broker but I'm just trying to avoid broker fees if at all possible!

    You can't have your cake and eat it lol. A broker saves you time and money.
    I am a Mortgage and Life Insurance Advisor.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
  • PIX13
    PIX13 Posts: 3 Newbie
    Done some research and it seems that Barclays no longer do rental cover ratios if anyone else was having the same problem.
  • amnblog
    amnblog Posts: 12,732 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Don't start handing our 'free' advice as well!

    You'll be putting brokers out of business.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    PIX13 wrote: »
    I'm looking to remortgage my rental property (Around 70% LTV) but most of the mortgage providers have large rental cover ratios of 125-145% of the mortgage interest for the minimum rent required. Unfortunately the rent I receive isn't high enough to cover the 125%.


    Have you factored in the interest rate stress test. Not simply a rental ratio.
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