Hi Guys

Can anybody help me.

Currently downsizing but wish to keep property and rent privately. Converting resi mortgage to BTL (rents will cover both 100% and 125%). Need to know if anybody knows who will lend taking the following things into consideration.

1. Ex-Local Auth (owned 2 years)

2. Credit score shows light adverse.

3. Needs to go by rental income rather than normal income

If anybody has any info I would be very grateful. Many thanks in advance Kelly

PS: Also looking for 85% Loan to Value

anybody???

It will depend on how bad your credit history is. I would suggest you speak to an independant broker who can assess in a bit more detail. If the income stacks up on the property most buy to let lenders will lend on this basis such as BM Solutions, Bank of Ireland, Mortgage Express. The fact it is ex-local authority shouldn't cause too many issues providing most houses in area are now prvately owned and it's not a starnge construction type. You say you only bought it 2 years ago, was this on the right to buy scheme? if it was you might not be allowed to remortgage it for this purpose due the the amount of time you have owned it. You would need to check the coincil documents which set out the right to buy conditions.

Kellyw8800,

Carlos is right with the RTB limitations, so check those first. SALT Finance are ok, I have just used them for a client who had a recent CCJ and the rate wasn't too bad. Rental income - 120% of Initial Payable Rate or 115% at 80% LTV, 100% at 75%. Tpically 7% fixed for 2 or 3 years but with a 2.5% Arrangement Fee

Regards,

Adey