Joanna Susskind Posted July 18, 2023 Share Posted July 18, 2023 Hey all, We have been trying to remortgage for almost 2 years. Our independant broker keeps going quiet on us (he's helped get us great deals on remortgaging 3 times in the past!). He insisted we get a Structural Warranty, which we did get, and now we've decided to switch to a BTL, and we NEED to get some of the equity out of the house as we're completely skint and monthly repayments are excessive, but AGAIN he's gone quiet on us. I spoke to another independent broker, who was all excited and keen, until 3 weeks later he says lenders are saying no because of the type of construction. (Our house is made entirely of wood). We have Completion, Habitation, been living here 2 almost 3 years, we have the 10 year Structural Warranty, AND we've already moved out and just want to switch to BTL and start renting. We are both self employed. Are we completely stuck?? This seems so crazy and I just can't seem to find a way out. We are still with Ecology on the Self Build mortgage and they can't offer us any more... Thanks for your help. Joanna Link to comment Share on other sites More sharing options...
Jilly Posted July 18, 2023 Share Posted July 18, 2023 AirBnB instead? Link to comment Share on other sites More sharing options...
Mr Punter Posted July 18, 2023 Share Posted July 18, 2023 I think you will really struggle to find anyone who has the appetite for this. The combination of self employed, novel construction, BTL and requiring equity will not work out. Can you take in a lodger or two to boost your income? Link to comment Share on other sites More sharing options...
nod Posted July 18, 2023 Share Posted July 18, 2023 As above Banks don’t like self employed Link to comment Share on other sites More sharing options...
Dave Jones Posted July 18, 2023 Share Posted July 18, 2023 sell it. Link to comment Share on other sites More sharing options...
Joanna Susskind Posted July 19, 2023 Author Share Posted July 19, 2023 17 hours ago, Jilly said: AirBnB instead? We are Airbnbing... Need to remortgage! 1 Link to comment Share on other sites More sharing options...
Joanna Susskind Posted July 19, 2023 Author Share Posted July 19, 2023 13 hours ago, Dave Jones said: sell it. Terrible time to sell! People on the street still building and the market isn't right... Link to comment Share on other sites More sharing options...
Joanna Susskind Posted July 19, 2023 Author Share Posted July 19, 2023 16 hours ago, Mr Punter said: I think you will really struggle to find anyone who has the appetite for this. The combination of self employed, novel construction, BTL and requiring equity will not work out. Can you take in a lodger or two to boost your income? We have a few banks who are willing to do it, it's just taking months for it to go through so I'm looking for anyone in a similar situation? The BTL market is not the same as regular as they don't look at our income (they look at the fact that we have another BTL with a high monthly rental income and a property with a lot of equity). Spoke to my mortgage advisor last night who said it will go through, it's just taking a LONG time due to banks now being so risk averse. Im still worried it won't go through but he insists it will! Anyone else managed to remortgage at all??? Link to comment Share on other sites More sharing options...
Mr Punter Posted July 19, 2023 Share Posted July 19, 2023 I have used a broker for some BTL and individual mortgage deals, but not in the last 18 months. I can PM details if you want, but it sounds like you already have someone. Fingers crossed for you! Link to comment Share on other sites More sharing options...
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