Suggestions appreciated

cheeky321

Hi all,

I'm in a bit of a fix!

I bought a house which I let out last year, but didn't inform the mortgage company, so they think I'm living there (i.e. it wasn't a buy-to-let mortgage)

I have received an offer for a mortgage to buy a new flat to live in, but it states that I need to get rid of my current mortgage on the original house (either by redemption or transfer of equity).

The reason for the trouble is that I told them I'm moving house. However, I'm not actually planning to move house, I just said it to get a 90% ltv offer instead of an 85% one.

So I've been pretty naughty - bite me!

Now, I don't want to sell my current house, as obviously it's let and self-financing. However the solicitor/estate agent/etc are waiting for me to get rid of my mortgage before I can move in to my new flat (which I was hoping to do in the next 2 weeks)

Does anyone have a suggestion?

Many thanks.

Will

herbiesjp

Why did you lie?

You can probably still do what you want to do legally

Have a word with a whole of market mortgage adviser

Robert_Sterling

Am I right in thinking that you got your first mortgage by fraud and you are trying to get another mortgage by fraud and you want our help?

AndrewSmith

Best advice I can give you is to come clean.

The new lender will not allow the solicitor to release the funds until he can confirm that redemption of your current mortgage will take place prior to completion of the new one.

There ain't no way round it I'm afraid.

The term 'bite you on the backside' spings to mind.

As my learned friend Herbie says, why on earth have you allowed yourself to get into this situation by lying? There are was in which this could have been done perfectly above board.

cheeky321

I got into this situation through a mixture of inexperience:

- didn't realise that previous credit checks shows up when someone else does one
- didn't realise that the original mortgage company on my first house would prob have said 'yes' if I asked them for permission to rent it out
- didn't realise they'd want me to sell before moving, I certainly didn't tell them I'd be doing this

and situation:

- the offer for my new flat is already over 4 times my salary
- a 5% increase in the ltv would have been an extra £12k, which I don't have

You live and learn!