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Hi, I am looking to remortgage my only BTL property with the intention of buying a second BTL property. I have begun the process with Barclays through a mortgage advisor. The problem is that they cannot give me a mortgage offer until I have found a second property that I wish to purchase. Is this normal? I want to remortgage my current property on a specific date at the end of the current term (in a few weeks) to avoid going onto the SVR. I don't understand how anyone can find a suitable property with that kind of time constraint. Is this normal when trying to raise funds by remortgaging? I had assumed they just send the money to your bank account when the mortgage goes through, and then you are free to buy the right property when you find something suitable. Is this normal? Is there any way to get around this? I'd be very grateful for any help. Thanks, Harry
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Is Barclays’ 100% mortgage good or bad?
Evert Taihuttu posted a topic in General property discussion
Hi all, I was just wondering what you all think of Barclays’ latest 100% mortgage offer. Do you think it's a great opportunity? Or do you think this is another disaster waiting to happen? (It's been awhile that I've been on the forum and I haven't found any posts about it yet. I've been delving my attention into other asset classes to diversify my knowledge and skillsets. I’m still avidly researching property (Rob Dix latest book!) but need catchup on the podcasts!!). I personally think this could spark new interest for new buyers but could this lead to a (hyper)inflation? I'm not a doom and gloom person and am pretty positive however I like to view the broader horizon to keep my options open. Barclays link http://www.barclays.co.uk/mortgages/family-springboard-mortgage An article on NewEconomics.org http://www.neweconomics.org/blog/entry/why-the-barclays-100-mortgage-is-bad-news-for-us-all?&utm_medium=email&utm_source=nefoundation&utm_content=1&utm_campaign=this-week-0605&source=this-week-0605 Guardian article http://www.theguardian.com/money/2016/may/04/barclays-100-per-cent-mortgage-how-much-does-it-really-help-homebuyers
