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BTL for non owner-occupiers
BelowTheLine
Posts: 77 Forumite
To the lovely brokers on this forum -
We are non owner occupiers who own a rented property on a consent-to-let on 40% LTV. We want to remortgage this property to a BTL, release a bit of equity (taking LTV to about 60%) and use that as a deposit on another BTL mortgage for a flat that we have put in an offer on.
The first broker we consulted with said that our options were extremely limited due to being non owner-occupiers and recommended Clydesdale for both mortgages at a rather high rate. He was not very responsive and did not fill us with confidence.
We took a second opinion from broker 2 who recommended Barclays for both mortgages with a MUCH more competitive rate. We asked about being non owner occupiers and he brushed it away like it was a non issue. We are thoroughly confused!
I know brokers aren't allowed to give advice but I'm hoping someone could answer this question about lending criteria - do Barclays offer BTL mortgages to non owner occupiers?
Thanks!
We are non owner occupiers who own a rented property on a consent-to-let on 40% LTV. We want to remortgage this property to a BTL, release a bit of equity (taking LTV to about 60%) and use that as a deposit on another BTL mortgage for a flat that we have put in an offer on.
The first broker we consulted with said that our options were extremely limited due to being non owner-occupiers and recommended Clydesdale for both mortgages at a rather high rate. He was not very responsive and did not fill us with confidence.
We took a second opinion from broker 2 who recommended Barclays for both mortgages with a MUCH more competitive rate. We asked about being non owner occupiers and he brushed it away like it was a non issue. We are thoroughly confused!
I know brokers aren't allowed to give advice but I'm hoping someone could answer this question about lending criteria - do Barclays offer BTL mortgages to non owner occupiers?
Thanks!
0
Comments
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Owning another let property makes you an experienced landlord and being an owner occupier is then much less important.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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That makes sense, given that it's been let for almost 2 years now.
I was unsure because broker 2 is one of the free online ones so just wanted to check that he wasn't talking out of his behind.
Looks like we dodged a bullet with the Clydesdale recommendation then, that was almost £150 a month more than the Barclays deal, for the same 2 year fix and similar product fees!kingstreet wrote: »Owning another let property makes you an experienced landlord and being an owner occupier is then much less important.0
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