BTL Remortgage Query

stu2500

Hi all. I did post a questions about this scenario in the credit file section but I think I'm best to post here for some guidance.

My Wife (financially associated with me) has a CTL mortgage on a flat valued at £65k, £40k outstanding mortgage, currently with BOI on SVR. She would like to remortgage this to another lender to get a better deal, no additional borrowing. We're working with a broker who tried Natwest as we bank with them and have our residential mortgage with them but the soft search came back as declined and I was concerned my level of borrowing was the issue. Scenario below.

BTL Flat has a long-standing tenant paying £475 per month, £50 agency fee per month

Wife - £32k per year
CC balance £3k
Next Directory - £500

1 missed payment from 18 months ago on Next, an accident but it's still a missed payment

Me - £60k per year
CC balance £3k
Car loan for our car £16k o/s - £385 per month
Other loan for house renoations - £15k left - £207 per month
Kitchen Ikano loan through IKEA - £3k left - £105 per month
Some small bits of £400 on a next directory

No missed payments for me at all, no dedaults, electoral role correct etc

Joint mortgage of £98k o/s on a property value of £140k

Does this seem doable? She has sent all her info to the broker but we haven't had a response since Monday. He said she had other options to consider but we were concerned at the Natwest decline on soft search. This is a sole application for my Wife, I won't be added to the mortgage, but I'm conscious I'm financially associated.

Hoenir

£40k is a low amount to borrow for a BTL mortgage. You might find lenders aren't particularly interested or that the product fee is prohibitive in relation to the advance required.