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Remortgage advice needed.

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  • Remortgage advice needed.

    Hi, I am thinking of moving into a property i have on a buy to let. I would like to remortgage this onto a normal residential mortgage, the problem is i am self employed and cannot prove all my income only part which wouldnt give me enough money to remortgage with. So im not sure what to do here.. If i was to approach my btl lender and tell them i want to move into the property what are they likely to say. Has anyone here been in this situation or have any advice? Another point is i have quite a bit of equity in prop maybe around 35% and also a perfect credit rating if that would help me at all.
    Thanks for any help.

  • #2
    Re: Remortgage advice needed.

    Hi Mr Magee,

    It is possible to remortgage from BTL to Residential and as rightly identified, your income plays a role in determining whether you will be eligible for mortgage. Your equity within the property can be used for remortgage purpose with option of capital raising if prefered.

    You will be glad to know that different lenders have different income multiples, allowance, criteria's. I wont be able to offer you best advice yet, until, I can clarify the required loan and your actual income, to that effect, it does help that you have a perfect credit rating.

    If this situation is still an issue, you can IM me your details, so I can offer you advice in confidence.