2 mortgages but need to borrow!

esne12

thank you for any help comments firstly.

I am in a pickle.. I have 2 mortgages 1 being a Buy to let. I just tried to remortgage that but it was a no go, as they require mentioned having 145% in the deal. I am also 24 so Not a lot of lenders want to touch me so I am told.

I don't think there would be much equity in the house I am living in as I remortaged that around 18 months ago.

I really wanted to take 50k out which is the money that is realistically in the BTL property. I would consider selling it to release that money but I really require the money in the next couple of weeks, I guess it might take 6 months to sell.

Is there another way guys? what would be the best course of action? My hours are down currently as recently had a baby although I know these applications are fairly flexible cough.

no problem making any repayments.

thanks

ritz55

Speak to a broker. It’s possible to do 120% at 4.5% on the calculations using top slicing on the BTL. Top slicing is the lender topping up the difference with your salary to cover the shortfall for their calculation

esne12

thanks, any brokers feel free to reply..

Thrugelmir

esne12 wrote: »

I guess it might take 6 months to sell.

Price the property for a quick sale or try auctioning it.

scotgal30

6 months to sell but you also need to get your tennants out too... which may be a long process

kingstreet

What is the value of the BTL and what is the outstanding mortgage?

Realistically, you are only going to be able to get a mortgage of 75%/80% of the value. No-one is going to give you 100%, so this;-

I really wanted to take 50k out which is the money that is realistically in the BTL property

isn't going to happen if that's ALL the equity.