Landlords Alliance – Emergency Euro Elections Statement21:09 PM, 21st May 2019
About 2 days ago 55
Hi there. I have been renting a property out for the last 15months (having lived in it beforehand) and have really struggled to get a mortgage.
Current Rent: 620/pw
Current Mortgage: 417,000
Property Valuation: 650,000
Employment: Aug 2016 onwards (so 4months continuous employment)
I have been told that the criteria is too low from so many different lenders despite the income being almost 2.5x the potential monthly interest rate. I find this crazy, but also understand the reasons behind it. I have just instructed my mortgage advisor to conduct a mortgage product transfer to save me 400 GBP per month compared to their SVR.
Surely many landlords in the capital must be falling foul of these remortgage rules?
Im a first time poster so any comments or thoughts are welcome. I will also be posting on a new thread regarding a conversion project I am currently working on.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More