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Buy to let mortgage house just sold, but cannot transfer it to new one. Can I get a new one asap if I am not on the deeds for my marital home???

(5 Posts)
Swifey Sun 12-Jul-15 16:51:22

When we got married I owned a house with a mortgage, and then dh bought our house where we live now. The mortgage is in his name because we could get more mortgage with just him as I earn very little and am self employed. Anyway this isn't an issue until we realised that it may be more difficult to get another buy to let mortgage interest name??? We don't want dh to buy it because he is a higher tax payer and the income would be taxed hugely. It's also in my name because it's effectively my pension. So, we have £50 - £60k deposit, and need a mortgage of £119000. Do my questions are:-
Can I get a mortgage without being on my marital homes mortgage? I have paid my buy to let mortgage that I am just finishing for 8 years with no problem.
If dh buys it, can I run it as my business and therefore he doesn't incur tax?

thatstoast Sun 12-Jul-15 17:02:01

Speak to a broker. It may be more difficult to obtain a btl mortgage but not hugely. A btl lender will be worried about a person who does not own a residential property in case they want to live in the btl property. In your case, being married to the homeowner, there shouldn't be much concern.

Swifey Sun 12-Jul-15 17:23:34

Thanks thatstoast, it's just we have found another house that we really want, and now I am panicking that we'll lose it because if this stupid rule! It's actually a house for mum to live in, but we won't tell the mortgage company, but she will be paying market rent.

thatstoast Sun 12-Jul-15 18:05:39

Well that's a whole other issue. Be aware that if you manage to secure a mortgage now, you could have further problems down the line if you need to remortgage with your mother still in the property. Most lenders wouldn't want a family member living there and if you have a surname/maiden name in common it might be obvious what's going on.

Swifey Sun 12-Jul-15 18:44:58

No I realise that, but it's the only way for her to be secure as she cannot buy herself, and renting is so expensive and insecure. This way I am not worrying about her all the time.

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