Remortgage To Pay Off & Buy Abroad

askingforit

I haven't led a simple life so please bare with me...

Situation:

Mum died, I received an house.
I live/rent abroad.
I got probate but only had time to try and get mortgage in my name with Abbey but due to credit score they wouldn't let me. Stupid really, 92% paid off, what they got to lose?
I didn't try anywhere else.
Therefore I'm still paying off mortgage in mum's name.
I rent in Bucharest.
I have tenants in house in England
Income is £600 before fees, rent here is £380, used to be £340 but euro very strong, sterling weak.
£11,000 oustanding on £125k worth property.
Mortgage £104 a month, funnily enough went down this month.
I got repossessed several years ago. 5/6 years?
Self employed, low income, work when I need to.

Proposal:

I've been mulling this over for months, sell house, get money buy abroad but the rental income is handy but i'm now coming round to thinking remortgaging might be better idea, that way I keep poperty, pay it off, won't pay rent here but instead can buy an house in Bucharest and pay mortgage instead and still reap the benefits of rental income from house in England.

Solution:

So, where do I start? can I leave it all in the hands of a financial advisor to a) use the probate and get mortgage in my name, b) remortgage on the basis of rental income and c) me this end, buy an house and land with the proceeds.

And how much of a remortgage is possible, ideally I'll be wanting £100k on £125k based on rental income of £7200 per year, reality or a dream? I could probably raise £10,000 through sales to lay as deposit on euro house.

I believe i'm in a good situation, just my credit score won't help but there must be a way out of this and a solution. Is the above correct, any new ideas or am I simply stuck where I am, renting in high interest euro zone, devalued sterling, rented out property and dead money on renting myself.

Any ideas much appreciated.

Cheers
askingforit

homer_j_3

Your rental income will have to be 125% of the mortgage payment normally on a BTL mortgage.

I think with the repossession that took place in your history will have effect on what you can and cannot do but as you say a lot of equity should help. If you increase the debt on this place, you are reducing this equity which may mean that you will struggle to get the rental income to match the borrowing.

It may be wiser to sell the property here and then use the cash to build and buy abroad. If you definitely want to do a BTL then with you being out of the country, having adverse credit and being unsure of what to do, I would seek professional advice.