Remortgage - Recommendations?

[Power Mortgages Ltd]

Would I be right in saying we've also not mentioned that not all lenders will ignore the mortgage cost of a BTL when assessing a Residential value as well? Or did you say that and I'm just thick as mince?

I seem to remember my current vendor took in to account the mortgage payments for the BTL when figuring out how much to lend.

It will entirely depend upon which lender is the new lender (for the new purchase), what rental income you get for the buy to let and what the new buy to let mortgage payment is.

Some lenders just want to see the rental for that 'background' property is more than the mortgage payment, others want to know that it is 125% or even 145% of the mortgage payment you are making. Others will ignore what you are actually paying and calculate how much you would be paying on that buy to let mortgage if it was on a stress test rate of their choosing (normally 5.5%) and they will want the rental income to cover that (or 125%/145% of that) so it isn't very straight forward.

The only time your own personal income would have to be considered is if there was a shortfall in the above calculations and the rental income doesn't cover what it needs to. Normally whatever that shortfall is, it becomes a commitment which is deducted from affordability.

[GretaMacdonald]

By the looks of it, I think you need the help of the experts. When I was in the situation of buying and selling a house, I immediately decided to work with a solicitor to avoid any issues, especially legal ones. I found one on this comparison site of cheap mortgage solicitors, and when I started working with them, I learned that house selling and buying involves plenty of legal requirements such as preparing and signing of contracts. And for such reason, it’ll be better if you directly seek the assistance of professionals so they can give you the right advice. Remember not to hire just anybody you come across with to avoid being duped by fake solicitors!