Buy to let help

ziknik

LollyS. Is there anything forcing you to move house? Do you need to relocate, or suffered a family break up?

Do not sell if you are not a forced seller. The equity in your flat is not unhealthy, could you stay where you are and review your situation in a few months?

If you really really need to move. Set a sensible price for it and demand twice the price cut from the house you are buying. (if you cut your price by £10k, look to get a £29k discount off your new purchase).

LollySaver

We really want to move to a bigger property, there is nothing forcing us to move - except now the fact that we have a concluded missive on the purchase (not my decision - long story). Sellers of the property we're buying now wont budge i'd imagine on the price, will just have to keep our fingers crossed we can sell the flat!

Trollfever

From the mention of missives I assume that you are in Scotland.

Have you discussed the position with the solicitor who advised you?

herbiesjp

LollySaver wrote: »

Hi, we're just looking to avoid selling our flat as we're struggling in this market, trying to find an alternative. We dont have the deposit for the new property as we planned to use the equity from the sale. Looks like we may have to go into open bridging if we complete on the purchase - if that is even available. Starting to get really worried now!

Ah right!

So you were looking to increase the mortgage even further then to utilise some of that equity

Non starter re-mortgaging on a BTL let basis

Have a work with your current lender and see if they will grant you consent to let - make sure the deal has no tie ins. SVR would probably be a good option if they offer it. However if you don't have the deposit, I don't see how this will work