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Re:Income Difficult to Prove=Buy to Let? (0 viewing) 
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TOPIC: Re:Income Difficult to Prove=Buy to Let?
#79
Puzzled (Visitor)

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Income Difficult to Prove=Buy to Let? 1 Year, 7 Months ago  
I have an interest only residential mortgage on a property that I rent out. The deal is ending and the current lender will not offer a replacement product.
I am self employed and the accounts will not support a regular application.
Can i acheive a remortage from the residential product to a buy to let product? the rental income will move than cover the repayments.

Thanks
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#80
DanAronG (User)
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Re:Income Difficult to Prove=Buy to Let? 1 Year, 7 Months ago Karma: 2  
Not entirely sure what your question is. So have a few questions.

Is the current mortgage a B2L mortgage or residential mortgage?

Do you want a residential or B2L mortgage?

Are you planning to continue renting out the property?

What is the loan size and property value?

How much rent do you receive per month?

Depending on your answers here, I will be able to advise accordingly.

If you don't want to type out all of these details, you can contact me or have a look at out mortgage broker website.
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#86
puzzled (Visitor)

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Re:Income Difficult to Prove=Buy to Let? 1 Year, 7 Months ago  
The current mortgage is a residential.

Property value of £250,000
Mortgage Requirement of £168,000

It is currently rented for £1000 pcm and will continue to do so.

With the inability to prove income, the sourcing of a remortage seems to be either Self Cert (expensive) or B2L.

So, can a property that is currently mortgaged with a normal Residential mortgage be remortgaged with another provider as B2L??

Many Thanks
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#87
DanAronG (User)
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Re:Income Difficult to Prove=Buy to Let? 1 Year, 7 Months ago Karma: 2  
Yes it can. In fact that is perfectly normal and shouldn't cause any problems at all.

Your loan to value(LTV) is belo 70% so you should be able to get access to the more competitive buy to let (BTL) mortgage deals.

The rent received is adequate for covering the mortgage by the standard expected amount so there should be no issues there either.

This mortgage will be more expensive that a residential mortgage as BTL mortgages always are due to extra perceived risk by the lender. I would expect rates to be approx 5 point something, depending on your exact circumstances.

I recommend that you speak with an independent mortgage broker who has access to the entire market and will be able to find you the most competitive deal for your circumstances.

Feel free to contact me on 01208 816667 for a free chat if you would like more detailed and specific advice.
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