My current lender Norwich and Peterborough part of Yorkshire building society I think gave me permission last August to let my property which I have managed to do.
This permission expires August 2013 can anyone tell me what will happen then?
The loan to value is very small something like 25% will they just convert it automatically to a buy to let mortgage or will I have to go through the process of applying.
If so I do not think I would have much chance of fulfilling the criteria to take out a new mortgage.
My circumstances have changed a lot in last 5 years,my wife has poor credit history and I am currently residing and working abroad where I am working on self employed basis. The income would not cover a new application although I do have 2 buy to let's in UK that are producing about 900 per month.
Some figures which will maybe aid a reply
Current mortgage 130k at 3% With 9 years to run
Property value approx 600k
Currently let at 2000k
Self employed income of about 20k
2 buy to let's with income of around £900 per month
Wife with very poor credit
Thanks in advance
This permission expires August 2013 can anyone tell me what will happen then?
The loan to value is very small something like 25% will they just convert it automatically to a buy to let mortgage or will I have to go through the process of applying.
If so I do not think I would have much chance of fulfilling the criteria to take out a new mortgage.
My circumstances have changed a lot in last 5 years,my wife has poor credit history and I am currently residing and working abroad where I am working on self employed basis. The income would not cover a new application although I do have 2 buy to let's in UK that are producing about 900 per month.
Some figures which will maybe aid a reply
Current mortgage 130k at 3% With 9 years to run
Property value approx 600k
Currently let at 2000k
Self employed income of about 20k
2 buy to let's with income of around £900 per month
Wife with very poor credit
Thanks in advance