Hi,
Have just confirmed with HSBC that I do not qualify for a buy to let mortgage with them and that it is unlikely that my permission to let will be extended in the summer for a 4th year. I have had my mortgage with them since early 2009 when I lived in the property.
I do not have a high enough salary to qualify for many buy to lets (under £25k) and I am only on a 3 month contract so my income is not stable anyway.
Based on the this and the following information does anyone have any experience of lenders who may be able to help me without the rate being sky high?
Property Value: £130000-£132000 based on identical properties sold in the last 6 months
Mortgage required: circa £58000
Rental Income: £725 pcm
Ground Rent & Maintenance: £1200 pa
Was a new build in 2009 and thus far property maintenace has been minimal.
I am not on any other mortgage or liable for rent elsewhere.
The property has proved a valuable asset after all fees and tax and I am reluctant to sell it.
I am looking to know where I stand now as my tenants have asked for a second time if I am willing to sell the property to them.
I currently only pay 3.79% interest and have a fee free repayment mortgage with 21 years remaining, I am 27. I like to over pay and would only really want a 15 year mortgage if I would be penalised for over payments.
Many thanks,
S
Have just confirmed with HSBC that I do not qualify for a buy to let mortgage with them and that it is unlikely that my permission to let will be extended in the summer for a 4th year. I have had my mortgage with them since early 2009 when I lived in the property.
I do not have a high enough salary to qualify for many buy to lets (under £25k) and I am only on a 3 month contract so my income is not stable anyway.
Based on the this and the following information does anyone have any experience of lenders who may be able to help me without the rate being sky high?
Property Value: £130000-£132000 based on identical properties sold in the last 6 months
Mortgage required: circa £58000
Rental Income: £725 pcm
Ground Rent & Maintenance: £1200 pa
Was a new build in 2009 and thus far property maintenace has been minimal.
I am not on any other mortgage or liable for rent elsewhere.
The property has proved a valuable asset after all fees and tax and I am reluctant to sell it.
I am looking to know where I stand now as my tenants have asked for a second time if I am willing to sell the property to them.
I currently only pay 3.79% interest and have a fee free repayment mortgage with 21 years remaining, I am 27. I like to over pay and would only really want a 15 year mortgage if I would be penalised for over payments.
Many thanks,
S