Can I...?

regularsaver1

Ask existing lender if they will give you permission to let property- and lend additional borrowing as deposit for new home

dwsjarcmcd

ATD wrote:

The reason why I said a remortgage would be expensive is because of the early redempton charge that will be payable. I am however, aware that ERC's are unlawful and I could claim that back I suppose.

How do you know ERC's are unlawful? Just because a few people in other threads claim this, doesn't make it true, indeed it's not true!

I love the way you state this in such a glib way, oh, I'll just claim them back. Yeh right

david29dpo

ERCs are not unlawful. these are usually attached to discounted products. you cant have both!

ATD_2

ERCs are unlawful. I have already claimed one back.

Its amazing. In life, everywhere you go you meet knob heads. Even on a forum.

MortgageMamma

ATD wrote:

ERCs are unlawful. I have already claimed one back.

Its amazing. In life, everywhere you go you meet knob heads. Even on a forum.

No Need for that whatsoever, people here WERE trying to help you. You only get what you give in this life, and if you go around insulting people for no good reason then sooner or later you will come a cropper.

david29dpo

ATD wrote:

ERCs are unlawful. I have already claimed one back.

Its amazing. In life, everywhere you go you meet knob heads. Even on a forum.

think it was aimed at me. i dont worry about the bitterness of people like this. i can recommend a good shrink!

herbiesjp

david29dpo wrote:

think it was aimed at me. i dont worry about the bitterness of people like this. i can recommend a good shrink!

Well done

However I think that as this is an open forum everyone is entitled to put what they want - eveb if may even be wrong.

The problem here is that ATD did not like the answer, and rather than being being polite and saying "No i disagree" - spurted out some obscenity

That is plain wrong, and it weakens any further points/value (even if valid) that ATD may make.

david29dpo

this is ATDs first post. me thinks it will be his last! ( or lets hope so! )

Conrad

ATD

You can arrange a second charge with another lender on current home. 10% is often sufficient. Alternative is to ask existing lender for a further advance - this is often the least hassle, best value option.

For the new property there are some lenders who will usually ignore the existing mortgage including GMAC, Standard Life and IF.
Others will discount existing debt if rent sufficiently covers it but BEWARE, many new lenders will want written agreement from current lender that you can let the existing property (a point often missed by Brokers local to me).

ERC - not unlawful. Most mortgage products yield very low profit margin in the early years, so lenders need to ensure they make a small profit by tieing borrowers in. THE ALTERNATIVE - is too charge all borrowers a higher rate of interest

MortgageMamma

COME ON HERBS, saying what you want is one thing but calling someone a knob for nothing is just plain abusive. where do you draw the line between open discussion and being plain nasty?