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Please advise: two people, joint purchase, port mortgage, deposit from buy to let??

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Comments

  • rossyl
    rossyl Posts: 181 Forumite
    Thrugelmir wrote: »
    Then you need to approach other BTL lenders to see if they will release the required equity.

    I would you imagine your current lender is looking at a £750,000 loan exposure as outside their risk tolerance.

    The Buy to Let Lender is happy to lend.

    The lender over the New Property is the one who has an issue. That the deposit to be used for the pruchase of the new property has come from a Buy To Let Mortgage.
    Young homeowner...with a large mortgage
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    rossyl wrote: »
    The lender over the New Property is the one who has an issue. That the deposit to be used for the pruchase of the new property has come from a Buy To Let Mortgage.

    Then that's down to a senior underwriters view and decision.
  • rossyl
    rossyl Posts: 181 Forumite
    Thrugelmir wrote: »
    Then that's down to a senior underwriters view and decision.

    Does anyone know any lenders who would be willing to lend when the deposit has been derived from a buy to let mortgage?
    Young homeowner...with a large mortgage
  • rossyl
    rossyl Posts: 181 Forumite
    Everyone stumped?
    Young homeowner...with a large mortgage
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Raising funds from a remortgage to a Buy to Let to purchase a residential is a Let to Buy scenario. Shouldn't be too difficult.

    Which lender have you approached? If it is the same lender as the Buy to Let mortgage then they may have an issue with it but a seperate lender should be ok.

    Trying to port 2 different lenders to 1 new residential mortgage will be an issue (if I have read it correctly). 2 different lenders could not have first charge.
    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.
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