Any way to get buy to let equity release with no UK employer income?

CJSnet

Hello, I have two buy-to-let properties in London but live overseas. I have no UK salary, only the profit from the monthly rent (and my overseas salary). A few years ago it used to be quite easy to perform an equity release by remortgaging with a buy-to-let product where they would only look at the rental profit and not require any income from me. Nowadays this has changed and I cannot achieve a remortgage through my usual avenues.

I was able to do an equity profit-share provided by Castle trust, but they also no longer offer this.

Does anyone have any recommendations on how to achieve a remortgage equity release on a BTL property when I have no other UK income?

Many thanks.

ACG

Have you spoken to a mortgage broker?
There are lenders who will accept foreign income and there are lenders with no minimum income requirements, so just your self assessments for the BTLs you have should do the job.

CJSnet

Hmm, neither L&C not Which? could help, nor a family friend IFA. Where might I find a broker with the info you have?

haras_nosirrah

I did a btl mortgage recently for someone living in the eu with no uk based income. His was more difficult as he was also a first time buyer.
There are lenders who will consider it what you are trying to do as long as the rest of your circumstances are ok (we couldn't say without doing a fact find)

There are brokers on here who can help you. You just need to pm asking for help. It is against the mse code to approach people but if people approach brokers then that is fine.

ACG

L&C and Which are call centre based brokers geared for the masses.
An IFA is not a Mortgage Broker.

We do not do BTLs anymore, they have become quite specialised and we were not doing enough to warrant keeping on top of it - which is probably why L&C and Which are struggling. But rather than pull out they still do the straight forward ones.

muhandis

Interesting. I wasn't aware that L&C are struggling. Is that news from the broker grapevine?

I saw that Which's broking arm have stopped taking on new customers but haven't heard anything of that sort about L&C.

ACG wrote: »

which is probably why L&C and Which are struggling. But rather than pull out they still do the straight forward ones.

ACG

muhandis wrote: »

Interesting. I wasn't aware that L&C are struggling. Is that news from the broker grapevine?

I saw that Which's broking arm have stopped taking on new customers but haven't heard anything of that sort about L&C.

Sorry, I meant struggling to place the case.

L&C have closed their adverse broker arm down though, or if they have now yet, they will be doing. Which is understandable, they need cases that fly through and adverse cases need a lot more time.

haras_nosirrah

I imagine this went into l&c's too much hassle for the money we will earn pile

This is not a straight forward enough case for them as they only want the simple stuff as otherwise it costs them more than they earn

An independent broker will be able to place this for you - as I say we have done similar cases for other clients - but they are not as simple and straight forward and a broker will charge a fee.

CJSnet

haras_nosirrah wrote: »

we have done similar cases for other clients

PM Sent