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Re-mortgaging nightmare


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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? :blink:

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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)

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