Buy to Let mortgage term expired – How can I get more time to sell?

Buy to Let mortgage term expired – How can I get more time to sell?

12:37 PM, 3rd November 2014, About 10 years ago 5

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I have a Buy to Let mortgage which has come to the end of its term with the lender and I have now reached retirement age. I have been actively trying to sell the property, but because of the current climate I have so far been unsuccessful.

I have now completely re-decorated the property and had the roof power washed and retreated. Also had the driveway re-laid in an effort to make the property more appealing for viewing.

My fear is that the lender will not give me sufficient time to achieve a sale. What can you suggest in these circumstances.

I have looked at re-mortgaging the property, as we would consider selling our guest house and moving into the Buy to let, but because of a couple of missed mortgage payments which have since been cleared I have been unsuccessful in getting another mortgage.

Many thanks

Hendrytime


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Mark Alexander - Founder of Property118

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14:37 PM, 3rd November 2014, About 10 years ago

Hi Hendry

Search our member section for Mark Edwards and make contact with him.
.

Joe Bloggs

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18:11 PM, 3rd November 2014, About 10 years ago

why not put it up for auction?

Colin Dartnell

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23:26 PM, 3rd November 2014, About 10 years ago

My fear is that the lender will not give me sufficient time to achieve a sale.

Have you actually asked them, have they said no to extra time?

Mark Alexander - Founder of Property118

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7:46 AM, 4th November 2014, About 10 years ago

Some questions if I may please.

1) How much is the property worth?

2) Estimated rental value?

3) Type of property?

4) Mortgage outstanding?

5) Your age(s)?

6) Your taxable income(s)?

7) Do you live in the UK?

8) Where is the property?

9) Who is your current lender?

10) How long was your original mortgage term?

11) What efforts did you may to sell or refinance before the end of the mortgage term?

12) Your approximate net worth, i.e. all assets minus all liabilities?
.
.

Mandy Thomson

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17:28 PM, 8th November 2014, About 10 years ago

Unfortunately, I can't offer any real advice but this issue of being unable to remortgage is now a real problem for many landlords - the NLA estimates that something like 20% of landlords are affected.

While we know that prospective and existing home owners are finding it tougher to get a mortgage, because of tighter regulation under the MMR, this shouldn't have any effect on BTL.... I wonder if lenders ARE voluntarily toughening up their BTL lending (especially as the Bank of England wants stricter controls on BTL morgages), or this is simply how lenders are now post credit crunch - maybe both?

Mark Alexander is right - work with a good mortgage broker, who has experience of helping customers with less than stellar credit records and be absolutely honest about your past and present financial position, then ask for the lender to run a SOFT check on your credit file and offer you an agreement in principle before you go ahead with a formal application.

Good luck - this must be real worry!

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