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Mortgage Offer & Change Of Circumstances
walts1_2
Posts: 3 Newbie
I'll TRY and keep this simple!!
Last October I bought an apartment off plot the price being £125K.
I had £20K deposit and went through Mortgage Talk who found me a mortgage with Halifax for £105K.
The mortgage offer only lasts for 6 months after which I received an updated offer through the same lenders at a slightly revised rate. Although I am committed to buying the apartment, and have a mortgage offer, I don't sign up for it until October.
Since signing up for the apartment my circumstances have changed and I now want to buy a place to do up with my partner. She has a place which she is putting on a BTL mortgage.
I now want to have a BTL mortgage but am told I may not be able to because I only put £20K down and the mortgage offer of over £600 a month would not be covered by the rent I would charge.
Questions:
1. Do I have to have a residential mortgage before I can take out a BTL?
2. Is the fact that I won't be able to cover the mortgage by the rent an
absolute bar to getting a BTL mortgage?
3. Although committed to buying the apartment (and want to) I'm don't
currently have a mortgage. Can I NOW before I take up the one in place
for my apartment in October, take out another mortgage.
4. Can the lender of the mortgage I sign up for in October for the apartment
transfer that mortgage for another property I intend to buy with my
partner, then give me a BTL on the apartment!!!
Regards
the apartment
Last October I bought an apartment off plot the price being £125K.
I had £20K deposit and went through Mortgage Talk who found me a mortgage with Halifax for £105K.
The mortgage offer only lasts for 6 months after which I received an updated offer through the same lenders at a slightly revised rate. Although I am committed to buying the apartment, and have a mortgage offer, I don't sign up for it until October.
Since signing up for the apartment my circumstances have changed and I now want to buy a place to do up with my partner. She has a place which she is putting on a BTL mortgage.
I now want to have a BTL mortgage but am told I may not be able to because I only put £20K down and the mortgage offer of over £600 a month would not be covered by the rent I would charge.
Questions:
1. Do I have to have a residential mortgage before I can take out a BTL?
2. Is the fact that I won't be able to cover the mortgage by the rent an
absolute bar to getting a BTL mortgage?
3. Although committed to buying the apartment (and want to) I'm don't
currently have a mortgage. Can I NOW before I take up the one in place
for my apartment in October, take out another mortgage.
4. Can the lender of the mortgage I sign up for in October for the apartment
transfer that mortgage for another property I intend to buy with my
partner, then give me a BTL on the apartment!!!
Regards
the apartment
0
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