Urgent advice needed please - 2 mortgages?

VinsterDJ

I hope so. Not spoken to Natwest directly yet. But, it was the advice given to use by both Mortgage Broker and Solicitor. If we're on a BTL, then the new mortgage company no longer see it as an expense as it would / could be paid for by tenants.

I'm now hoping this is the correct information given to me ...

bingibongi

VinsterDJ wrote: »

If we're on a BTL, then the new mortgage company no longer see it as an expense as it would / could be paid for by tenants.

& what if you cant find a tenant ?

If you can't comfortably afford to pay two mortgages from your own income you are taking a silly risk.

You do realise that if you let the property it will have to be at least for 6 months.

Goodymp

Hello VinsterDJ

This has just happened to me, found out at 5pm today. All ready to exchange in a few days time and the buyer pulled out. I don't live in the property, it is empty because I was renting it out and my tenants moved out but obviously still paying the mortgage (as well as rental income in the current pad).

The obvious solution would be to move back in but we have our heart set on the house we spent months finding which is also ready to exchange.

I think we are going to put my flat back on the market and ask for a bridging loan / loan from family. The flat sold very quickly the first time and the EA has people on his books he thinks will be interested.

No idea of the ins and outs of the bridging loan as not been able to speak to the mortgage advisor since found out but we know the house has gone up in value and got a great deal on it, so the extra money paid on the bridging loan would be worth it we think.