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  • FIRST POST
    • mattcafc
    • By mattcafc 13th Jul 17, 3:54 PM
    • 57Posts
    • 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
    • 9,565 Posts
    • 3,694 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
    • 57 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
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