Loan for investment properties - based on rental income only?

[dubinamerica]

Hi - we have an investment property the past few years (used to be PPR) and have been in the process of purchasing a second one for almost two years (I kid you not !). Anyhow, we previously drew down for stage payment and will soon need to pull down remainder of loan offer. Our circumstances have changed re earnings etc - any idea if the lender (EBS in this instance) could refuse to allow us draw down the remainder?? Would it be worth our while going to another lender in the meantime to see if they would lend? I know for certain that we would not get the same loan now based on income and outgoings, but are there any lenders that would look at our two investment properties and provide loan based on LTV and rental income and not bring our own earnings into it at all? Would BoS do this??

 

[Virginiaman]

BOSI do not look at earnings when lending for investments, It is based on LTV and Rental income only. However you have to have a minimun of 2 properties with them.

 

[demoivre]

Mellon mortgages have an add in last Sundays Sunday Business Post ( either the front page of the main paper or the front page of the Money and Markets section ) advertising the type of product you are after. I have no connection with them.

 

[dubinamerica]

OK great - thanks for the info. We have one property which has been rented out for 5+ years and another property that we need to close on ( a section 23 property). At the minute both properties are with EBS but I'm worried that we won't meet their criteria when we go to drawn down and close on the section 23 property. Would it make sense to hold on and see what happens with EBS and if they don't lend then go to BOS or should we apply anyway to BoS and have that loan offer out there ? (Actually it would be interesting to find out what rates they would offer).
Thanks for the info so far - any other pointers would be greatly appreciated.