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BTL Advice
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SuzieP0408
Posts: 10 Forumite
Hello... I’m after a bit of advice.
My Partner took out a buy to let mortgage on his old property 2 years ago.
We have a joint residential mortgage.
BTL Property in partners sole name was valued at £140k he mortgaged it on interest only for £101500. They said they arranged it on rent of £625 per month.
He is trying to re-mortgage but hit a problem because we have allowed a friend in need to rent it for a reduced rate of £400 per month. The mortgage is interest only so the £400 is more than covering the monthly payment so we wasn’t that bothered. Problem is when he is now looking to re-mortgage after fixed deal coming to an end the MB we are using are saying the £400 per month is affecting affordability.
Can somebody help explain this for me and let me know if we have any other options. We know we can get more rent.
Any help would be appreciated
My Partner took out a buy to let mortgage on his old property 2 years ago.
We have a joint residential mortgage.
BTL Property in partners sole name was valued at £140k he mortgaged it on interest only for £101500. They said they arranged it on rent of £625 per month.
He is trying to re-mortgage but hit a problem because we have allowed a friend in need to rent it for a reduced rate of £400 per month. The mortgage is interest only so the £400 is more than covering the monthly payment so we wasn’t that bothered. Problem is when he is now looking to re-mortgage after fixed deal coming to an end the MB we are using are saying the £400 per month is affecting affordability.
Can somebody help explain this for me and let me know if we have any other options. We know we can get more rent.
Any help would be appreciated
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