Help with borrowing logistics

mazxx1

Hi All,

Looking for some advice please;

my girlfriend and i have just had our offer accepted on our first house together! :j

I have recently sold a property and we currently live in my girlfriends flat (in her sole name) - we intend to keep the flat and rent it out, but need to take an additional 20k from the equity to put to towards the new purchase; the figures break down as follows

Flat value 90k
Current mortgage with Halifax 21k
Proposed mortgage 45k
expected rental per month £500.00

house value 222500k
deposit (inc additional borrowing above) 35k
mortgage required 187500k

The questions are as follows:
what is the best way logistically to go about applying for the mortgages?; we need the additional money from the flat to complete the purchase of the new house, but dont want to apply for a new mortgage on the flat in case it takes longer than the mortgage on the house! ideally we dont want a buy-to-let mortgage due to excessive costs. would we be better borrowing the additional from Halifax (what do we tell them the borrowing is for?) & then approach them for a consent to lease, or be upfront and ask if they will lend with the CTL in place.

Apologies if this is so confusing, it certainly is in my head; if anyone can help straighten it all out for me it would be greatly appreciated.

Thanks in advance.

Maz

Evilm

Remortgages and second mortgages do normally take less time than a new purchase mortgage as its less complicated. From the figures above I would say that you need salaries of approx £60k or more to be able to get the borrowing you are expecting.

I personally would talk to a mortgage broker or an IFA who will be able to sort you out and answer all the complicated questions.