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Buy to let question
karenn1957
Posts: 68 Forumite
Just a little insight to my problem at the moment:-
I have a property which i rent out which is valued at 80k and am looking to remortgage this property for 40k the rental income will be 350 per month. My problem seems to be i had a default registered against me by egg bank in 2003 (which was due to my late partners business going under) however this was fully paid back in novemeber 2004. and i have since learned this default will not be cleared from my credit history until 2010.What i really need to know does anyone recommend a mortgage company that would lend under these circumstances. There is no mortgage on the property at the moment however there is a 17 k secured loan on it which i would repay with the remortgage. I have been declined by the Leeds because of this .
Any advice would be gratefully recieved.
I have a property which i rent out which is valued at 80k and am looking to remortgage this property for 40k the rental income will be 350 per month. My problem seems to be i had a default registered against me by egg bank in 2003 (which was due to my late partners business going under) however this was fully paid back in novemeber 2004. and i have since learned this default will not be cleared from my credit history until 2010.What i really need to know does anyone recommend a mortgage company that would lend under these circumstances. There is no mortgage on the property at the moment however there is a 17 k secured loan on it which i would repay with the remortgage. I have been declined by the Leeds because of this .
Any advice would be gratefully recieved.
Received £250.00 with one phone call to reclaim Mortgage Exit Administration£ fees AND £2995.00 bank charges from Lloyds TSb..All thanks to Martin Lewis. :T :money::T:beer:
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Comments
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Is the 17K included within the 40K you want to borrow(ie: will you pay this loan off with part of the 40K). If so wouldn't have thought you would have too much problem finding someone to take this on as BTL and not even needing to take your default/personal finances into consideration as the yield should be sufficient.
You need to speak to a decent broker who I'm sure will be able to sort something for you.0 -
Hi,
Yes the 17k will be repaid out of the 40K.
Lets hope your right.
Thanks for your replyReceived £250.00 with one phone call to reclaim Mortgage Exit Administration£ fees AND £2995.00 bank charges from Lloyds TSb..All thanks to Martin Lewis. :T :money::T:beer:0
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