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BTL Remortgage
Brighty
Posts: 755 Forumite
Hi all
Looking to remortgage one of our let properties and wondering if there is any issue going direct to the best buys i've found online, Virgin or Barclays, or whether we really need a broker.
We (my brother and I) have 3 let properties
Property 1, currently rented, value £380k, mortgage £51k with nationwide on BMR+letting fee at 3.5% i think
Property 2, currently rented, value £175k, mortgage free
Property 3, currently empty, i've just moved out, needs major refurb before renting back out, value £320k, mortgage free
We need to raise £30-40k to refurb property 3, so my thinking is to remortgage property 1, for £51+40k to get off the BMR and raise the necessary funds.
I am in full time employment on £39k and also own my own house, £145k value with £81k mortgage, so no issue there, however my brother lives and works in Germany, works but dunno how much, owns his own mortgaged house over there.
You think that will be a problem for the high street lenders applying direct, or is this a specialist broker only situation?
Cheers
Brighty
Looking to remortgage one of our let properties and wondering if there is any issue going direct to the best buys i've found online, Virgin or Barclays, or whether we really need a broker.
We (my brother and I) have 3 let properties
Property 1, currently rented, value £380k, mortgage £51k with nationwide on BMR+letting fee at 3.5% i think
Property 2, currently rented, value £175k, mortgage free
Property 3, currently empty, i've just moved out, needs major refurb before renting back out, value £320k, mortgage free
We need to raise £30-40k to refurb property 3, so my thinking is to remortgage property 1, for £51+40k to get off the BMR and raise the necessary funds.
I am in full time employment on £39k and also own my own house, £145k value with £81k mortgage, so no issue there, however my brother lives and works in Germany, works but dunno how much, owns his own mortgaged house over there.
You think that will be a problem for the high street lenders applying direct, or is this a specialist broker only situation?
Cheers
Brighty
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