BTL mortgage on an unencumbered property

A question about : BTL mortgage on an unencumbered property

Hi guys,

Hoping someone can kindly help with my situation. I currently have an unencumbered property which I've just let out this week. I want to take out a buy to let mortgage on it to raise funds to purchase another property and pay off existing mortgage on another property. I've spoken to one leading mortgage broker company that hasn't been able to find me a single lender willing to lend under those circumstances. Surely there must be someone out there or is this mortgage broker right?

Some background info: I meet all financial lending criteria for a BTL mortgage and I already have an existing BTL mortgage and a residential mortgage of my own.

Any help appreciated.

Best answers:

• Go to the broker who arranged your current BTL mortgage.
• I did It's the same broker I used previously saying they can't find a lender this time.
• Seems a bit weird.
  How long have you owned the property ?
• Is there some issue that makes this property difficult to mortgage?
• You need to have owed the property for at least 6 months.
• A lot of lenders won't lend until you've owned it six months, but if the broker didn't know you've only owned it a month it's difficult to see how he could have used that as the reason.
  I suggest another broker to see if there's an obvious reason.
  Under 75%? Rent = 125% of monthly mortgage interest at 6%?
  Any adverse credit history in the last few years?
• The 6 months rule is not a feature for all Lenders.
• Go see a decent broker talk to them and explain i am sure that a decent broker will be able to help you out properly
• I've spoken to two already and they haven't been able to find a lender. Any suggestion which broker/brokers to try?
• There was a poster on here called stanmoresaver but he hasn't posted for a while, not sure if he checks private messages.
  Only naming him because he is in your neck of the woods.
• Reading your other thread, it appears that you and your sister are on the deeds of this house. So any mortgage would need to be in joint names to match the deeds. Is this is what is causing the issue?