HELP!

col81

I have recently tried to re-mortgage a property i own that my mother lives in i rent it out to her. I own the house owing £118k and worth £160k i am on interest only paying £350 pm. The deal follows the Libor i got a letter 6 months ago asking if i wanted to revert to the bank of england tracker at 3.4% above base or stick with a temporoary libor rate at the same. I have left it as i am not sure what to do. My Experian credit score is 999 i earn £40k and i rent another property. I was unable to get a mortgage as they said a as a family member lives there it is not possible. My mother has a completely different name and no ties to me so is it worth trying elsewhere and doing as a buy  to let or standard deal? any help or any brokers that could look at this i am happy to go with. or PM me

MovingForwards

col81 said:

I have recently tried to re-mortgage a property i own that my mother lives in i rent it out to her. I own the house owing £118k and worth £160k i am on interest only paying £350 pm. The deal follows the Libor i got a letter 6 months ago asking if i wanted to revert to the bank of england tracker at 3.4% above base or stick with a temporoary libor rate at the same. I have left it as i am not sure what to do. My Experian credit score is 999 i earn £40k and i rent another property. I was unable to get a mortgage as they said a as a family member lives there it is not possible. My mother has a completely different name and no ties to me so is it worth trying elsewhere and doing as a buy  to let or standard deal? any help or any brokers that could look at this i am happy to go with. or PM me

Speak with an independent, whole of market mortgage broker. There are lenders who do mortgages for rentiy to family, just not as many as for normal rentals.

MWT

col81 said:

My mother has a completely different name and no ties to me so is it worth trying elsewhere and doing as a buy  to let or standard deal?

That would be fraud, so not the way to go...

A regulated BTL mortgage should give you what you need and a good broker can help you with that.

ACG

If the lender you applied to noted it on nhunter and you apply elsewhere with different circumstances you are going to regret it. 

If you are going to try and get a new mortgage do it properly. It might cost you more than the leading rates but it is better to do it right.