Nationwide, 2 mortgages and Let to buy - Please help?

GMS

Crosby wrote: »

Its not a fraud, but rather possible change of circumstances.

Rent existing house out, buy a new one, live in there with my mum, bang we fall out, she wants to move out back into our old house, where is the fraud?

I am not trying to be funny or fugde the legal side of things, I am trying to understand the concept of the matter, I am dealing with a broker who is suggesting this, surely they know what they are talking about. I am doubting hence I am asking you guys here.

Really appreciate your replies, really do

It is fraud as you know it to be untrue. You have no intention of letting the property but will tell the lender you are doing so.

If you were genuinely renting the property you may have a case, although renting to family is not something the lender would be comfortable with usually.

If you are doubting the broker then you obviously have concerns.

herbiesjp

Crosby wrote: »

Its not a fraud, but rather possible change of circumstances.

Rent existing house out, buy a new one, live in there with my mum, bang we fall out, she wants to move out back into our old house, where is the fraud?

I am not trying to be funny or fugde the legal side of things, I am trying to understand the concept of the matter, I am dealing with a broker who is suggesting this, surely they know what they are talking about. I am doubting hence I am asking you guys here.

Really appreciate your replies, really do

It definitely is fraud.

As you know full well what course of action you are going to take.

And if that is what your broker is advising you to do - steer well clear.

CloudCuckooLand

Find another broker.

If the jolly good reason for not freeing your income from the current property is better than the reason for purchasing the second place, then you might have to choose to forego the second place.

Crosby

CloudCuckooLand wrote: »

Find another broker.

If the jolly good reason for not freeing your income from the current property is better than the reason for purchasing the second place, then you might have to choose to forego the second place.

What do you mean by freeing the income? taking my name off the mortgage? or remortgaging the current house to put more deposit for the current house?

brain dead (

getmore4less

Crosby wrote: »

What do you mean by freeing the income? taking my name off the mortgage? or remortgaging the current house to put more deposit for the current house?

brain dead (

Taking you name off the mortgage.

The new lender is seeing you as needing to pay both if your income does not support that then they won't lend.

Engeroosi

you cant have your cake and eat it!!!!!!

Typhoon2000

Would it not be possible to take your name off the exisiting mortgage and later put it back on again?

KarenBB

If your mum is on the mortgage for the property you have at the moment I don't see why Nationwide are asking for you to prove you've got permission to let the property.

Have you explained to Nationwide that the other mortgage account holder is staying in the property? If it's your broker that's been dealing with your new application has he given the new lender the full picture. I agree that changing broker seems like a good idea.

getmore4less

Typhoon2000 wrote: »

Would it not be possible to take your name off the exisiting mortgage and later put it back on again?

But then the first lender looks at the aforability and back where we started.

OP you are aware of the tax situation by owning and not living in the first property.

Why is there an affordability issue what are the size of the mortgages house values and incomes.

One other way might be to have mum on this mortgage so you combine income accross both houses.