Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 4 days ago 60
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.
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