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Help! Just about to loose 26k on deposit on new flat - advise please
Comments
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Its James, not Simon
What is your residential status at present? Do you own a property or rent? I have a house which I'm renting out.
Do you live in London or Bradford? I live 30 miles from London.
Do you have any children? Nope
Do you work for a well known/large company? Yes
Sorry James, misread your username
If you were to get a residential mortgage for Bradford it would need to be plausible for you to be living there. A lender would ask why you were relocating to Bradford. If you had children they may ask how a flat would be big enough. If you worked for a small local company there would be questions about your future employment. Large national firms could offer a relocation in theory.
What is the situation with current rented property. Could you raise funds on this?
Current motgage?
Valuation?
Monthly rental income?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have a mortgage on the house I'm renting out. My mortgage is 330pcm and rented at 800pcm. Was with Mortgage express that have since gone over to bradford and bingley.
This is a residential one.0 -
I work in the Fire Service so I can relocate. If you know what I mean? So bradford or edgware.
Current motgage? 245k or 330pcm
Valuation? 270k
Monthly rental income? 800
My mortgage provider was taken over by bradford and bingley, so I would have to remortgage...0 -
A residential mortgage and you are renting it out? With permission from the lender hopefully?
If not you are in breach of your mortgage terms.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Don't remortgage as you must have a very good tracker to be paying £330 a month on 245k. Also you would have to remortgage on a btl product where you would need to leave 25% deposit behind which you don't have in equity. Best to leave that one well alone. What is your rate to only be paying 330 a month?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sems to me you are in way over your head. I would try to get rid of the 2 flats (Edgeware and Bradford) as quickly as possible, even if it means losing some of your deposit on both of them. Offer your 26k deposit on Edgeware for 22k to get rid and similar on Bradford.
Still aloss but a smaller loss. The flats will never realise their 'valuations' and you cannot raise mortgages on them.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
My contract with Edgware does not allow the flat to be sold. But the only reason i would have put my money in was because I was able to flip/ sell before I had to raise a mortgage... my own fault on this one because I didnt fully read the contract. However the investor told me I could flip it.
Your solicitor should have read the contract. Did he know you intended flipping? If so, I can't see why he didn't warn you that the contract wasn't assignable. Can you ask your solicitor for advice?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I dont remember what my rate is, not without looking at the paperwork. Sorry0
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Silvercar.
I spoke with the solictors the other day and the lady that has taken over my files, knows nothing of my intentions... That was the solicitors that I was recomended to by the property investors. Funny that eh?!
The more I sniff around all of this, the more it stinks and the more I think Im just about to get myself in a great deal of *&%$. Excuse me.0
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