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Showing results for tags 'mortgageadvice'.
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Good leasehold title
jitsy posted a topic in Legal AdviceHi All, Has anyone purchased a property with a 'good lease title'? The property we are in the process of purchasing is in the NE and has has a 'good lease title'. Our solicitor seems quiet wary of this and has said this may cause issues for when we are refinancing or selling the property. The vendors solicitors have refused to upgrade the title to an 'absolute lease title' before purchase, we have been advised to get a legal indemnity insurance policy in the unlikely event there is a claim on our lease. Our broker on the other hand has said it shouldn't be an issue refinancing, so we are a bit perplexed. For info, this will be a cash purchase, carry out renovation works to convert to a 6 bed HMO and then refinance. The lease itself has about 800 years left on it. Thanks
Mortgage Advice- Overdraft
almmortgagehelp posted a topic in General property discussionHi everyone- some help, advice and reassurance please! My partner and I (first time buyers) have put an offer in on a house. We have got a mortgage in principle from Barclays for £152k based on having a 5% deposit of £8k for a £160k purchase. If our offer is accepted by the seller, then obviously we need to get started on a mortgage application. We are both in steady, permanent employment- I am a teacher earning £25,373 per year and he is a customer service advisor earning £17,500 per year plus bonuses. My only concern is that up until last month, I was living in my arranged, fee-free overdraft. I have never exceeded the arranged overdraft limit. I have just paid this off in full using savings. Other than this, I have never been charged fees on my account, neither of us have ever missed a direct debit payment, and we both have good credit scores. Will this recently used overdraft be a problem? As mentioned, it is now paid off in full, we have our deposit ready in a Lifetime ISA and I have just been paid so have a full wage in my bank account. Thank you!
Changing a Residential Mortgage to a BTL?
James S posted a topic in Mortgage AdviceHi all, Just looking for a bit of advice really, If I was buying a flat worth £155k with a residential mortgage (putting down 10% deposit), however I know that I'm not going to be living in it for a long period of time between (8 months to 1 year) as I would be looking to purchase a house to live in after this time period but I would like to keep the flat and rent it out after. I understand that the rates change when you're asking for consent to let, but my main concern is the short time frame? If the lender turned around and so no to consent to let then I would be stuck paying a mortgage for a property that has no rental income and one that I'm not even living in! Would I be able to change from a residential mortgage to a BTL in such a short period of time? Any help would be much appreciated. Kind regards, James