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  • FIRST POST
    • mattcafc
    • By mattcafc 13th Jul 17, 3:54 PM
    • 59Posts
    • 6Thanks
    mattcafc
    How best to get mortgage advice? Buying a new home and letting current property
    • #1
    • 13th Jul 17, 3:54 PM
    How best to get mortgage advice? Buying a new home and letting current property 13th Jul 17 at 3:54 PM
    Hi all,

    Really, I don't know where to go to find the correct advice on how to go about doing what I want to do.

    This is the situation I am in.

    We have 178k left on our current mortgage and have had our property valued at 280k.
    We want to change this mortgage to a buy to let mortgage interest only.
    We will then require a new mortgage for a new home. We would use some equity in our property (The 30k that should bring us to 75%) and we have 60k in savings also to put towards it.
    The new home is currently valued at 399k, so I would imagine we would need to borrow around 350k and put down 50k.

    Our current mortgage is with Virgin bank and has 6 months until the end of the agreement. We would need to pay 4k if we leave them before this ends.

    Originally we was just going to sell our property and buy a new place and Virgin already gave us a mortgage in principle of 356k.

    They are not the easiest to deal with though as we can't go into a store for an appointment and all has to be done over the phone and can get confusing after a few calls!

    Do I need to get in touch with a mortgage advisor for this?
    Will it cost me just to get them to look into the viability of this all?

    Thanks
Page 1
    • amnblog
    • By amnblog 13th Jul 17, 4:06 PM
    • 10,037 Posts
    • 3,904 Thanks
    amnblog
    • #2
    • 13th Jul 17, 4:06 PM
    • #2
    • 13th Jul 17, 4:06 PM
    You have a problem here.

    VM wont let you keep the current product, and give you an extra £30,000.

    Can you not wait 6 months and then be free to handle anything without the complication of early redemption penalties.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mattcafc
    • By mattcafc 13th Jul 17, 4:30 PM
    • 59 Posts
    • 6 Thanks
    mattcafc
    • #3
    • 13th Jul 17, 4:30 PM
    • #3
    • 13th Jul 17, 4:30 PM
    Hi, thanks for the reply.

    Yes I can possibly wait, but I have already seen the property I wish to purchase.

    We can leave Virgin early, but it will cost us 4k
    • mattcafc
    • By mattcafc 30th Jul 17, 8:03 PM
    • 59 Posts
    • 6 Thanks
    mattcafc
    • #4
    • 30th Jul 17, 8:03 PM
    • #4
    • 30th Jul 17, 8:03 PM
    Bump

    Anyone know what we do to get advice for this.
    Do we contact mortgage brokers and go from there? Will they charge us just to work out the visibility of this?
    • loveka
    • By loveka 30th Jul 17, 8:43 PM
    • 352 Posts
    • 338 Thanks
    loveka
    • #5
    • 30th Jul 17, 8:43 PM
    • #5
    • 30th Jul 17, 8:43 PM
    I am possibly looking at doing the same thing, although looking at all my options.

    If you speak to a broker they don't charge you to check the viability of what you want to do.

    They charge you when they find you a product. You are wanting a let to buy and I think a broker is probably the best option.

    Google and give a few a call and see what they say. I will be doing the same if I find I can't port my mortgage.
    • ACG
    • By ACG 30th Jul 17, 8:44 PM
    • 15,785 Posts
    • 8,077 Thanks
    ACG
    • #6
    • 30th Jul 17, 8:44 PM
    • #6
    • 30th Jul 17, 8:44 PM
    Call up 1 or 2 mortgage brokers. Dont get loads working on it as you will get different reponses and it will just cause confusion and no doubt anxiety.

    It is all feasible, but you there will be costs involved.
    Are you also aware about the tax changes with BTLs? They are not the cash cow they once were and it is only getting worse.

    Brokers do not normally charge for an initial chat.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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