what now??

rent_and_buy

right i currently owe 50,000 pound on our current property, we are renting this out and have been accepted for this property a btl mortgage of 105000 pound.

Now i have been told i will need a solicitor, to transfer the funds, he will need to pay 50,000 pound to my current lender to clear it, and then put 55000 into my bank for the deposit for our residential property.

Now do i need to set the btl up first with a tennant? and then apply for the additional residential mortgage once it is set up, or can i do it all at the same time?

Ive had the btl mortgage accepted and i can take it up anytime before July, i just didnt want the hassle of storage.

herbiesjp

Right - are you letting out this property and buying a new residential property?

Does the deal not offer free legal fees for teh transfer to BTL? A lot pf BTL re-mortgage deals do.

You do not need to find a tenant before starting the BTL application

What you do need to do is make sure that the lender you will be looking at for your new purchase, will be ok with the BTL in the background

Have you gone direct to the lender for this? Or via a whole of market adviser?

rent_and_buy

herbiesjp wrote: »

Right - are you letting out this property and buying a new residential property?

Does the deal not offer free legal fees for teh transfer to BTL? A lot pf BTL re-mortgage deals do.

You do not need to find a tenant before starting the BTL application

What you do need to do is make sure that the lender you will be looking at for your new purchase, will be ok with the BTL in the background

Have you gone direct to the lender for this? Or via a whole of market adviser?

ive gone direct to the post office and i have explained to them the situation and they have accepted our residential application and its been approved, ill have to check we have had our btl mortgage with c and g whether its free legals. the paperwork should be arriving today.

cheers