Affordability on a additional borrowing on a remortgage

alositha1

Hi Good evening

Hope someone can put me in the right direction. My home is partly own by the builders(25%). I am in the process of paying their 25% and looking to get additional borrowing on my house. LTV on the mortgage at the moment is 42% with the additional borrowing it goes upto 65% LTV. I also have 2 holiday let properties with those mortgage payments and banks not taking the income from those into account when calculating affordability, I am failing it therefore not being able to get a remortgage with enough funding to pay off the shared equity. Are there any lenders in the market who would consider income from holiday homes? I have spoken to a mortgage advisor and they don't have a lender on their panel who would do it. The property is based in Scotland. Thank you very much in advance.

K_S

@alositha1 If the holiday-let business has been running for 2+ years, is profitable and you can evidence it (tax calcs, accounts, etc depending on whether it's run through a ltd.co., partnership, sole trader, etc.) you should be able to find a lender to consider it.

If you have drawn a blank with one mortgage broker, I would recommend trying once more with an experienced broker, perhaps one of those recommended further down the list on the MSE guidance here like John Charcol or Trinity.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

alositha1

@alositha1 If the holiday-let business has been running for 2+ years, is profitable and you can evidence it (tax calcs, accounts, etc depending on whether it's run through a ltd.co., partnership, sole trader, etc.) you should be able to find a lender to consider it.

If you have drawn a blank with one mortgage broker, I would recommend trying once more with an experienced broker, perhaps one of those recommended further down the list on the MSE guidance here like John Charcol or Trinity.

I have one holiday home in business for over 5years now and the other one bought last year and due to renovations I only had few bookings so far but quite a few booking made for future. The holiday home I ran for 5 years, has generated more money than you would get from renting out. Last financial year's income was about 45%(still 1.25 times the rental income) of the previous years income due to Covid. I had similar income every year before covid. Also I have all the tax calculations and other required documents from my accountant to forward if needed to be.

Thank you very much for the information, and I would like to talk to you if you can help finding a mortgage for me.

Thank you very much