Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
My partner and I have 4 fixed mortgages coming to an end over the next couple of years. The problem we have is I would like quit my 9 – 5 job move to the countryside and start working part time to enjoy the hard work we’ve put into building our portfolio. My partner is self employed so if I did cut back between us we’d earn approx £25000 not including any property income.
My question for you property geniuses is: Are there any mortgage companies out there who would be willing to let us re-mortgage our BTL properties even though our income has dropped. I’m currently earning £25000+ which made it no problem getting the original BTL mortgages of approx £60,000 (75% LTV). My broker who we love has been very good for us but is warning me not to quit my job as I won’t be able to get a re-mortgage (not sure if this is because they would no longer be needed). I guess what I’m saying is we’re worried we’ll just start to enjoy the perks of our hard earned cashflow and it will all dry up as we won’t be able to re-mortgage and our current fixed (2% – 3%) will automatically turn into trackers at 5%, 6% or even 7%
Any help/hints would be most appreciated.
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