Can’t find lender to remortgage property with secured loan
7:04 PM, 4th June 2015, 11 years ago
4
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I have agreed to purchase a property on a BTL mortgage but need to raise the deposit and pay off a secured loan on another property. 
There is enough equity to do this, but my independent mortgage broker can not currently find a lender who will agree to the second BTL mortgage as they say it is debt consolidation which they cannot agee to on a BTL. Any one done anything like this?
Thanks
Danny
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Member Since January 2011 - Comments: 12205 - Articles: 1401
7:06 PM, 4th June 2015, About 11 years ago
Hi Danny
I’ve invited Howard Reuben from HD Consultants to comment, here’s a link to his member profile >>> https://www.property118.com/member/?id=314
I really don’t understand why your broker can’t place the deal so I will be interested to hear what Howard has to say.
.
Member Since June 2013 - Comments: 381 - Articles: 61
9:45 AM, 5th June 2015, About 11 years ago
Hello Danny
We do have lenders that will certainly remortgage in order to refinance a further BTL, but they will ask questions regarding the debt consolidation.
That is not to say they will not lend but will need to be confident in the clients finances.
I know of at least 3 lenders who would look at this for you. Would you like me to source a quote?
I would just need to know the value of the BTL to be remortgaged, loan required, and estimated rental income, and any exceptions i.e. HMO, Flat above commercial freehold split etc.
The other ‘pieces of the jigsaw’ should be discussed ‘offline’ as I would need to know more about your personal and financial circumstances in order to be able to provide a formal recommendation – which of course is different from just a ‘quote’.
In summary though, yes, as long as the whole BTL / loan application is plausible and that your income, residency and credit status also all meet the lenders criteria, then we do have options available.
Member Since May 2015 - Comments: 2
3:06 PM, 5th June 2015, About 11 years ago
Hi
The other problem I think is that the property is on a 3 year lease to a company which looks after semi independent people. The lease is with myself and an individual and c/o of her company. I think this is putting off some lenders? What do you think Howard?
Thanks for your comments
Member Since June 2013 - Comments: 381 - Articles: 61
4:53 PM, 5th June 2015, About 11 years ago
Hi Danny
As mentioned above, I would need to know all pieces of the jigsaw before I can make any formal comment as to which lenders you may be eligible for.
Even with long term leases we know of lenders who would potentially say yes, but they would only agree to Offer a mortgage when all facts are fully known in their entirety up front.
Why not contact me or my team via my profile link and we can discuss further.