BTL for ex-council?

Newnoel

Hello

I hold an ex-council flat as a BTL investment. Current value approx £380-400k, with rent of £1,750. No voids, and solid tenants for the past 10 years. Mortgage is under £100k.

I am considering remortgaging up to buy another one to put in my wife's name, as she is a non-tax payer and I pay tax at 45%.


Aim is to raise £150k on the existing flat, and raise £250k against the new one.


The issue is that the flats in this block are constructed with concrete slabs, so it limits the number of mortgage companies who will lend.

I've gone to L&C, and they have drawn a blank. They originally tried Santander, but they declined to offer

Can anyone recommend a decent (preferably fee free) broker, or a lender who might be interested in lending on a "non-standard" construction?

Mortgage_Adviser

Decent and fee-free broker for a complex case like yours don't come together I am afraid.


You case will take 2-3 times longer to deal with than the 'normal case'


The mortgage is not that huge either for the broker to make good money ftom the lender.

pramsay13

Who is your current mortgage with as it would be worth trying them first if they are comfortable with the building and with you as a customer?

Are you just going to gift a house to your wife so she will have complete ownership?

Is your wife happy becoming a landlord and does she understand the implications of it?

Newnoel

So who should I speak to in terms of a broker, and what are their fees likely to be?

Newnoel

Any ideas on who I might speak with? Any idea of fees?