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Remortgaging broker dilemma
mattyjh22 posted a topic in Mortgage AdviceHi I’ve been reading up about mortgage brokers, how some specialise in residential mortgages and others in buy-to-let, and how you should choose the right broker depending on what kind of mortgage you want to take out. I’m looking at remortgaging my residential property so that I can get a buy-to-let. I don’t know whether to go with a residential mortgage broker or one who specialises in buy-to-let. The process involves 2 mortgages (my residential and my eventual buy-to-let). Any suggestions?
Struggling to get remortgage a Flat
Sam Boots posted a topic in Mortgage AdviceHi, Wondering if anyone here has had a similar experience or can help. We purchased a newly converted flat in Leeds a couple of years ago and at the time got a mortgage on it fine without any issues. As we have come to re-mortgage time, we just received an rejection from The Mortgage Works as the surveyor noted the following: "The property lies adjacent commercial premises(mainly low value storage/warehousing and light industrial/manufacturing) on all sides , in an area which does not have a "residential feel". Vehicular access is gained solely via a "commercial "area. The property is not acceptable in accordance with the Lenders guidance." The flat has been rented to young professionals with no down time in the two years since completion so no issues with demand. The flat is a converted office block so the area is fairly industrial/commercial but there is redevelopment going on (part of the reason we bought it) with a brand new hotel on the same road and a brand new block of converted houses/flats directly opposite. Our existing broker has spoken to a few lenders that have similar lenders guidance so said it's potentially risky as they will charge a valuation fee and we might not meet the criteria so would lose on the fees. Our existing lender doesn't have any product transfer options so we would have to apply for a new mortgage. We are currently investigating this option but just wondered if anyone has experience in this area and might know a broker that could help or a lender that could be suitable? Thanks!! Sam
Remortgage as a portfolio landlord (4 properties)
Guest posted a topic in Mortgage AdviceHi, I'm just in the process of re-mortgaging one property in my portfolio which has come to the end of its term. We're looking to borrow just under 70k which is 75%LTV. The bank are asking for the following information which I think is vastly over the top: Business plan Cashflow forecast Original source of wealth to buy properties Latest accounts (fair enough) Interested to hear others thoughts on this. I think if we were looking to borrow a million it might be justified but just under 70k? Seems extreme. Looking forward to any comments Jon
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
Hi all. We are currently completing on our 4th and 5th btl, it's been a struggle and our goal is 2 more before 2022. 7 in total (not via ltd company) I've been contracting for some years but closed the business now as the plan is for me and my partner to enjoy some time off, she's stopping work next summer. My BIG concern is remortaging the properties if neither of us are employed. We won't be owner occupiers and might only have a few years proof of rental income to use. They'll all be due in 4/5 years We're both 50. We will be renting ourselves although we could take one of our rentals on and live in it (put in on a residential mortgage if this would help) Has anyone else had a similar scenario Was it (will it be) a nightmare to remortage if neither of us are working Is there something we should be doing now to help us down the line when it comes to remortgaging the rentals. We don't want to roll on to the SVRs if possible and after a few years away from work I doubt we'll want to jump back in to a job. We also have a healthy savings account of around 40k should we be saving this for help remortgaging or will it be little use. So confused. Thanks anyone in advance, any help welcomed.
Hi everyone, I am a non-resident and a non-citizen looking on to investing on a property in UK. So I was wondering that if I pay cash 100% and I remortgage the property, there's a 6 months cooling period right? 1. So I would like to know if it is true that you cannot use the money from remortgaging and cannot be taken as cash? 2. In this case you can only use the money in investing to another property? Does that mean if I pay 100% in cash then remortgage a property, I'll have the 75% back which then has to be used to invest on 3 different properties given that 25% equity is required? 3. Is there a workaround with me having the cash from remortgaging so I can invest the money somewhere else? Would really appreciate your inputs and suggestion on this one. Thank you so much!
Hi all, Just helping to enquire on behalf of a friend of mine here in Hong Kong. They are in a position where they hold a flat containing subdivided rooms and have a mortgage on the property. These flats have been refurbished to an exceptionally high standard last year and they are now considering their options in terms of extracting the equity. Just wondering whether there is the option to remortgage the property without raising too much suspicion and whether anyone can assist with this. From what I understand, the property strictly speaking is not fully compliant to local regulations, but has been refurbished according to the general trend in the area in terms of having an "HMO style" property. The reason why the large majority of these types of apartment are not done according to the local regulations is because of the vast costs associated with it, thus making the option unfeasible for the majority of investors. If they were to consider remortgaging the property to extract the equity, this would require a valuation to be completed as part of the process. In turn, they would have to invite a representative to carry out the valuation. Could this indirectly initiate legal action against the owner? Just wanted to be aware of any repercussions. Thank you in advance for any advice.
Second home + Remortgage
carlosdici posted a topic in Mortgage AdviceHello Guys! In August 2018 I and my partner bought our first flat (home), We had the help of the Help to Buy Equity scheme. This is a great one bed flat in MCR city centre. The mortgage is a 5 yrs fixed at 2.34% We are planning to have a family at some point and for this, we need the biggest house. adn rent our current flat. We are thinking to buy a second property in 2023 and let this apartment. For doing this, we need to pay the Help to buy first. The bank that holds our mortgage is Halifax and they are offering us an "additional borrowing" of £43.000 at 2.84% for 35yrs at fix term of 3 and 5 yrs Help to buy outstanding amount is £36000 Summary: House purchased in £170.000 An outstanding mortgage with Halifax: £118.662 Outstanding with Help to buy £36000 The bank is evaluating the flat in £190.000 Additional borrowing offered: £43.000 The biggest house needed in 3 years (£250-£300k) (I have some savings) Questions: Do you think is possible to pay the HTB with this additional borrowing and after 3 years refinance the house to get part of the principal for a new biggest house and rent the 1 bed flat? Do you think could be a better idea to get this money to get a buy to let apartment in Manchester Leeds Liverpool and them use this to refinance to get the principal for the house? Many thanks for your advice
Remortgaging Own Home
ryan_edwards posted a topic in Mortgage AdviceHello everyone, I hope you're well! I'm not sure if I'm in the right place for questions about my own home mortgage, if not I can remove the post. It's my first time remortgaging and I have a few questions. When we purchased the property 5 years ago we completely gutted the house back to bare brick, re-plastered, fitted new bathrooms, new kitchen, all new fixings, and gave it a fresh coat of paint. When remortgaging for when the 5-year fixed term ends should we pay to have the place valued in the hope that we've increased its value to get a better LTV ratio on the new mortgage product? Which mortgage broker would you recommend for the remortgage? When we purchased the property we used London & Country but I've since heard it's better to go with a broker that I paying rather than a fee-free broker like L&C, is this true? I've recently heard of Habito online mortgage broker, would you recommend them? Sorry for the newbie questions and thank you as always for such a great community! Cheers, Ryan
Remortgage property owned outright
kennychim posted a topic in General property discussionHi If I am unemployed and want to remortgage my property owned outright for buy-to-let, is it possible? How much a lender would be willing to lend? Kind regards, Kenny