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  • Mortgages & Finance

    Advice re Remortgaging

    Hi, I have a BTL property that is due to come out of its original fixed term and I’m looking to remortgage. 
    The query I have around this is that I’m currently unemployed and wondered whether this is likely to scupper my chances of a remortgage. The property has just over 40% equity in it and I have a tenant lined up in a new 12 month term.
    Any thoughts on the likelihood the incumbent would remortgage it, I have spoke to them briefly but as the term doesn’t end until late September they’ve told me to ring back.
    Thanks in advance.
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    If you stay with provider they should just roll you onto a new deal with no additional checks, assuming you are not trying to take equity out of property
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    Slowly working towards financial freedom

    Thanks Mason, that is what I was hoping - no I’m not looking to take any equity out.
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    Yes Mason has given you good advice. However in response to your question you will be able to secure a remortgage with another provider. You wont have a complete choice of lender but there are lenders who do not test income. However it may be better to wait and see if you get back into employment before committing and paying a higher rate.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022


    Thanks Stuart, it’s unlikely I’ll be able to tie up employment in the next couple of months hence why I was a little concerned but thanks for the advice.
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    Although they don't test income, a lender will require you to have an income of sorts to be able to pay the mortgage in the event of void periods or where repairs are required. Product switch is the best advice here.
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    __________________________________________________________________

    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444


    Hello.  Not having a ‘job’ is not necessarily an issue, if you can demonstrate income from your rental property by way of a tax return. This  won’t be for every lender but we have many clients whose sole income is from renting out property.  If you let me know who your current lender is I may be able to give you a steer on whether they will offer a new product and how competitive it is likely to be.
    Thanks

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    Mortgages For Business is a commercial partner of Property Tribes.

    Website: http://www.mortgagesforbusiness.co.uk/

    Email: propertytribes@mortgagesforbusiness.co.uk

    Telephone number: 0345 415 3501

    As above Chris, some of the lenders we use regularly will look at the bigger picture and base their lending on rental income. 

    Sometimes a 'product switch' with the provider will work out beneficial but its not always the case. It's best to get some advice just in case Smile
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    Financial Consultant working with Property Tribes Financial Services.

    BTL Specialists.

    Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - austyn@ptfs.co.uk     07500 871209

    Thanks AJohnson - TBH when I spoke to them last month the rate they offered me didn’t seem competitive at all but as they will likely be the line of least resistance it looks like I’ll have to go back to them.
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    Chris, Talk to a broker first, it will probably cost you 10 mins of your time for him to gather some info and perform basic market research. That way you'll be better informed.
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    You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice

    Thanks John, I’ll absolutely do that - In all honesty I didn’t think a broker would be interested hence why I was leaning towards the incumbent. Thanks for help.
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