CB10 Posted September 23, 2010 Report Share Posted September 23, 2010 I have a 42k residential mortgage on a 200k property. I took a two year career break in August due to a health scare and family commitments (job is protected for when I decide to return). I am now jointly renting a property 200 miles away. From August I have rented out my home through an agent (£670 guaranteed rent pcm) . To fund my careerbreak I need to release some of my equity from my house. My current lender will not release it so I decided to re-mortgage on a buy-to-let. Which is where the problems started. I am struggling to find a BTL mortgage lender which will re-mortgage my home without proof of an additional income/salary. I am currently living off savings. I assumed that for a BTL loan, as long as the rental income was in excess of the monthly morgtgage payment (which mine is several times over) there would not be a problem? I need to find a mortgage lender which a) will not require proof of additional income and b)Does not charge exorbitant arrangement fees. Can anyone help? Link to comment Share on other sites More sharing options...
Mortitia Posted September 23, 2010 Report Share Posted September 23, 2010 I would say you are unlikely to find one. Many think the there may be a crash in house prices and until things get moving again ( they are still going backwards - do you not look at the news?) things will not improve. Why not sell up and spend it all? Wouldn't we all like a career break? You can't always get what you want as the old Stone's song says. Sorry not more positive. Mortitia (working person) Link to comment Share on other sites More sharing options...
James00 Posted October 19, 2010 Report Share Posted October 19, 2010 Yes even I agree as you always do not get what you want but atleast you can try to get what you want. Link to comment Share on other sites More sharing options...
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