Rooftop Mortgages buy-to-let mortgage - help!

[zulu123]

I have a buy to let mortgage with rooftop mortgages.

the rate is high above 7% on a variable libor rate , originally the term came to an end an i could not refinance an so i was stuck with rooftop.

We negotiated a increase in term length I got length increased they got a higher payment by moving part of the loan to repayment.

this is negative cashflow as rates shot up , i spoke to them on phone about moving it to interest only they told me

only if rent is at least 125% of the payment (it is not as rent is much less than the payment) can they consider it.

I asked them to put in writing an they sent me a detailed list of what they need which is full income expenditure _ details of all property assets including rents values , bank statements etc.

Every time the BOE increases rates this mortgage goes up inline within 3 months despite it being libor , 3-month libor follows general trend of rate rises.

My question is now with government saying "Struggling homeowners could switch to an interest-only deal for six months or extend their mortgage term and revert back within six months, the banks said. Neither option requires an affordability check or will affect their credit score."

the article im quoting from is here:

Average rate on five-year fixed mortgage deal in UK climbs above 6% | Mortgage rates | The Guardian

WWW.THEGUARDIAN.COM

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Rate is at highest level since last November, and average two-year fix is now 6.47%

Just wondered does this mean no help if its a buy to let mortgage? only homeowners?

 

What can i do to improve my situation any suggestion?

 

Edited July 4, 2023 by zulu123