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Thread: Mortgage advice needed

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    Default Mortgage advice needed

    I need some help with this as a couple of the mortgage advisors we have spoken to are confusing me!

    We have found a house we want to buy, we have the deposit and money for the fees

    I have a current property that has a mortgage on it but it is not on the market

    I have asked my present mortgage company if I can have permission to let so I can get a new mortgage for the new house without clearing the existing one. This will allow us to purchase the new house then put ours on the market and pay the mortgage off when it sells. They have said no I will have to set up a buy it to let mortgage and this will then allow me to get my new mortgage.

    This seems like some wild chase to me and I don't understand why I would take a buy to let mortgage to pay the charges of changing the mortgage to then pay it off in 2 or 3 months time to then be charged early repayment fees!

    Is there no other way round this? Paying both mortgages until the existing property sells is not a problem and will allow us to decorate the new property before we move in. We would still be living in the existing property for a month or so whilst it was up for sale.

    Any help would be really appreciated

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    Moderator & Events Assistant paulhb's Avatar
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    Your post is a little confusing as you say you want to let which does mean a buy to let mortgage, after all you will make money as it is in reality a business as you are bringing in money and may be liable for tax due to the income etc so if you are making money on their property why shouldn't they, it is a commercial enterprise you are going into.
    You also say you could decorate the new one whilst living in the current one and pay both mortgages in this case no issue but which is it you plan to do LET or LIVE in the house?

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    Regular Member m8internet's Avatar
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    Main Mortgages do not permit the (commercial) letting of the property
    Hence the need to transfer your current property to a Buy To Let Mortgage
    Hence, when looking at a mortgage see if it meets not only your current requirements, but also your future needs

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    Isn't there a "gap loan" or something for this purpose?

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    Maybe this will be a bit clearer? :-)

    I live in House A which is not on the market

    I want to buy house B

    I'm being told by my current mortgage lender on House A that I cannot buy house B unless I sell House A and clear that mortgage or I go down the "Buy to let" route so the mortgage is not a residental one

    I have the deposit for house B and want a mortgage for it. Once the sale has been agreed I will then put house A on the housing market. I'm guessing this will take a few months to sell so I can stay in House A whilst it is up for sale and renovate House B

    I really do not want to take out a "Buy to let" mortgage on House A as I will not be putting up for rent as I want to sell it!

    Is there anyway to get around it?

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    Moderator & Events Assistant paulhb's Avatar
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    Do the IFA's say you have enough disposable income to have a mortgage with another company that will allow you to buy house B? If not then no choice buy to let rent out house A and then the mortgage company will advance you the monies for House B

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    Quote Originally Posted by paulhb View Post
    Do the IFA's say you have enough disposable income to have a mortgage with another company that will allow you to buy house B? If not then no choice buy to let rent out house A and then the mortgage company will advance you the monies for House B
    We do I'm not sure why I can't have another mortgage and tell themn the first one will be cleared once the house is sold?

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    Quote Originally Posted by Big Knox View Post
    Isn't there a "gap loan" or something for this purpose?
    Bridging loan is what I think your think about. But these carry silly interest rate IIRC.
    "We are not some sort of dictatorship!"


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    Quote Originally Posted by DasArab View Post
    Bridging loan is what I think your think about. But these carry silly interest rate IIRC.
    120K attracts £1800 per month!!!

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