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Showing results for tags 'rasing funds'.
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Remortgaging to raise funds
harryl posted a topic in Mortgage AdviceHi, 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
Zaheer posted a topic in Newbie Advice & SupportHi all I'm a regular reader & first time poster to this site. I'm hoping to use the knowledge and experience of the members to hopefully make a decision on my current situation. Thanks all in advance for any help and advice you provide. So my current situation is I'm a homeowner looking to downsize to an apartment. My current home is 4 bedrooms, but with only me & my wife living here, it's proving too much space for us currently. Hence the main reason for us downsizing to an apartment. The original idea was to sell our home, use some of the money as the deposit for the apartment, and the rest (approx 60k) to start to develop a BTL portfolio. We found a buyer for our home, and had an offer accepted on an apartment that my wife instantly fell in love with. We both instructed surveys and I expect my survey on the apartment I intend to buy to be completed later this coming week. Unfortunately our buyer has now pulled out as of Friday AM, with the estate agent stating that he doesn't have the money to purchase the house. The owner of the apartment has agreed not to place the apartment back on the market just yet, but understandably this grace period will only last for so long. So now the pressure is on to come up with a way to raise my deposit for the apartment. My current thoughts are: leave my house on the market, continue to accept viewings, and hope someone comes along that will be able to move quickly. However it's always wise to have a plan B, which was & still is: Attempt to remortgage my house as a let-to-buy interest only mortgage to raise approximately 71k which will then go towards covering the deposit and additional costs. Houses of this size in my area rent for between £1000-£1200, and the house is generally very liveable, but will probably require a very modest investment (probably less then 5k) to tidy it up a little. I'd also intend to leave all the furniture I currently have to sweeten the deal for any potential renters. I will say that my current house would be close to ideal for us in 5years or so time when we look to start a family, it's a good size, in a great area, good schools, etc, but at this time in our lives it's not so good. Hence keeping it isn't such a bad long term idea, in fact I'm wondering why I just didn't do this originally! The reason I'm posting is the speed at which I'm currently looking to progress means it'll be impossible for me to do the extensive research I would otherwise be looking to do. I've arranged an appointment with a mortgage broker tomorrow (Monday) to discuss the remortgage further, so hopefully tomorrow I'll have received some further clarification on potential costs, time, etc. What I'm really after is the best way to make the most out of this situation. Should I continue to steer my current course of sell before I buy, should I switch to a remortgage and buy the apartment, or should I do something completely different? What would everyone else do and why. Thank you all in advance for and advice you provide. I look forward to your responses.