I am garantur for 2 properties with a combined mortgage value of £300,000 and i think im going to be refused another mortgage for £100,000 is this normal and IS THERE ANY WAY AROUND THIS as the tenants would be paying the mortgage and not me!!!!
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if you are gettting buy to let mortgages then it should not be a problem, if you are not you are in danger of being in breach f your mortgage contract and your houses being repossessed!
If I was you I would speak to an Independent Financial Adviser. They are completely unbiased and are linked to just about every lender there is. The IFA would be able to tell you if you are able to get another Mortgage. I am no expert but I think lenders would not accept the tenants as paying the Mortgage, 1. Because it would be in your name and 2. Because there is no guarantee you will always have a tenant. If you have no rent coming in you will still have to pay the Mortgage.
You don’t say why you can’t get more finance – I am involved in “buy-to let” and I had to get separate mortgages at first – there are now some “portfolio mortgage” products around where you borrow against the overall equity in your properties – ask an IFA by all means but a good independent mortgage broker would be of more use.
if you have positive cash flow, that is the rents are covering all your mortgage, taxes and insurance, there shouldn’t be a problem getting approved
Check out http://www.npda.co.uk.
Its the national property developers association so I’m sure someone there will be able to advise you.
You can become a member (for free) and ask in the forum.
Hope this helps!!