BTL Remortgage

JennaBean22

Any brokers out there that can help? 

I currently live in my partners home and rent mine out. I’d like to remortgage on to a better rate, my current mortgage is residential with permission to let on so I’m paying 1% ontop of my rate, June it reverts to SVR. I am a stay at home mum as it’s more cost effective (3 under 3) so technically I have no dependent outgoings. My mortgage is in single name and will remain so. 

My question is, can I get a decent mortgage and a top up with my situation being;
- unemployed (other than rental (£725 month)
- live in my partners property so it isn’t a 2nd property but is a BTL
- the top up is for replenishing savings and home improvements
- property value is £170k existing mortgage £103 would like to remortgage upto 70% ltv
- potential part time employment from feb onwards as kids will be in preschool (again no cost to me as partner pays bills etc my income would be just bonus)
- fees added in the 70% ltv

I feel trapped as I don’t work and I shouldn’t feel like waiting around untime the kids have grown up more so I can get more earnings just to get off a higher rate and Have the ability to release equity to make improvements 😪

K_S

@jennabean22 Just to summarise -

• Property value £170k
• Looking to do a capital-raise remo upto 70% so £119k with fees
• monthly gross rent of £725
• zero/basic rate taxpayer
• not a first time landlord, track record of rental income
  

This should be placeable imho, based on what I can see. There are lenders who will ignore your personal circumstances for BTL mortgages as long as the rental calcs stack up, and with the numbers you've given, they do.

The fact that you aren't a owner-occupier, that you used to live in the property (so some lenders will treat it as regulated BTL) and that you do not have any other income will limit the field of potential lenders a bit but shouldn't stop you from remortgaging. Whether you can raise capital will depend on the specifics and the rest of the case. "replenishing savings" is unlikely to be an acceptable reason for the lender.