Hello people , I am sure I can get some valuable suggestions from you.
My broker is struggling to get me a mortgage as a portfolio landlord.
I started property investment in august this year. Four month experience so far as a landlord. I had 50k in savings that used as deposit for two houses. Raise equity / additional borrowing of 50k on my main house.
I used 25k as deposit for a third house. Getting the fourth property mortgage is proving challenging. I understand I am now classed as a portfolio landlord and certain rules now apply to me.
On the fourth property:
We got a lender at the early stage, I passed the credit checks and all, few weeks into it, they pulled out because they claimed
- No landlord experience ie 2years
- I manage the properties myself
- My partner (wife co investor) has changed job recently
My broker said he’s still searching for a different lender.
Has anyone been in this position before ? Any suggestion on how to progress with this?
Your response is always appreciated.