Actually, I found it easier to get a buy-to-let mortgage than getting a mortgage approval for my main home. It seems this is because where landlords are concerned, the banks don't care about your income or expenditure or anything else other than: How much is the rent? and Does it cover the mortgage payments?
As we'd found (by doing research!) an apartment with a low purchase price and a good rental income in a saught after development, those questions satisfied the banks easily enough. All sorted then? Er, no.
Slight problem - the apartment block is not a new construction, it used to be council flats bought by a developer and then "renovated" into swish apartment blocks. Oh no, the banks did not like that one bit.
My mortgage brokers are still searching for a deal we can accept, but so far the interest rates are ridiculous because of this stupid point. Looks like we might have to let this baby go and make sure we view "new construction" apartments and not refurbs!
It's most annoying because we've done our research and the rental income versus purchase price can't be beaten on City View......stupid banks!
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