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Remortgage with BTL mortgage
Options
Jigglebiz
Posts: 162 Forumite
Hi all
We are currently selling a property and in the process of buying another. We live in rented and the sale is not dependent on the purchase.
Sale is at serious risk of falling through. 5 months in :mad:
In order to keep the purchase, we are considering options.
The sale is a property we have rented out before with an income of £1150 pcm. It is worth £235k and has no mortgage on it.
Purchase is for £290k. We currently have a mortgage offer for £90k from Natwest.
Could someone knowledgeable advise about whether we could feasibly get a BTL remortgage on the sale property if we decided to rent it out again rather than sell it. There are other advantages to this (Brexit uncertainty has depressed prices in the area, properties were selling at least 10% more than our accepted offer 1-2 years ago).
As £90k is about our affordability for borrowing based on income, I’m sure there will be a shortfall. How much?
Thanks
We are currently selling a property and in the process of buying another. We live in rented and the sale is not dependent on the purchase.
Sale is at serious risk of falling through. 5 months in :mad:
In order to keep the purchase, we are considering options.
The sale is a property we have rented out before with an income of £1150 pcm. It is worth £235k and has no mortgage on it.
Purchase is for £290k. We currently have a mortgage offer for £90k from Natwest.
Could someone knowledgeable advise about whether we could feasibly get a BTL remortgage on the sale property if we decided to rent it out again rather than sell it. There are other advantages to this (Brexit uncertainty has depressed prices in the area, properties were selling at least 10% more than our accepted offer 1-2 years ago).
As £90k is about our affordability for borrowing based on income, I’m sure there will be a shortfall. How much?
Thanks
Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £2719
0
Comments
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Hopeful bump!Total debt outstanding: Jan18 -£1813 / Feb18 -£1649 / Mar18 -£1278 / Apr18 -£999 / May18 -£632 / June18 -£316 / July18 £0
House Buy/Sell Fund: Jan18 £0 / Feb18 £184 / Mar18 £568 / Apr18 £936 / May18 £956 / June18 £1538 / Jul18 £2233 / Aug18 £27190
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