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 Post subject: Struggling to meet criteria for UK BTL mortgage
PostPosted: Fri Mar 10, 2017 1:14 pm 
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Migrant

Joined: Mar 10, 2017
Posts: 1
Not sure where best to post this...

We have a property let out on a Consent to Let basis in the UK (we moved back to Ireland 2 years ago). The Consent to Let is up soon, so we thought we would just switch to a Buy to Let mortgage. However, our lender's criteria is that we own our own residence in addition to the BTL property. We haven't found a place yet - we are still renting. Therefore, when the Consent to Let is up, we will be forced to sell the property, or, we can try find another lender who will lend to us.

Does anyone have any recommendations?

Criteria going against us:
1) We are Irish resident, looking for a UK Buy to Let mortgage
2) We are renting, so do not yet have our own place of residence
3) I have only 1 years company accounts as a contractor, in addition to 3 years UK company accounts previously

Most lenders, and indeed mortgage brokers, have ruled out helping us, because of one of the above three reasons.

Rental income sufficiently covers the mortgage repayments, property is managed via an onsite estate agent, and we have an LTV of approx 50%.


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 Post subject: Re: Struggling to meet criteria for UK BTL mortgage
PostPosted: Fri Mar 10, 2017 2:11 pm 
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Under CAB Investigation

Joined: Feb 27, 2007
Posts: 1803
In small town Ireland it works like this.

Tell the bank you're putting it up for sale.
Keep collecting the rent and paying mortgage.
Find a compliant estate agent who will put off any potential buyers.


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