Remortgage and portability

ziof3ster

Obviously I'm not very expert on the matter, so please apologize if I misunderstood :-)

But on the property that is now my first accomodation (where I think there is capital gain that I can extract, all to proof :-) ), I will have 2 lenders evaluating (I think). My actual lender that should check the value of the property now (is that correct, or it doesnt care at all?) and the one I'm going for the BTL remortgage...

In any case, I will love to anticipate this evaluation to see if is a plan worth the efford or not..so still curious if there is a service for a private survey/evaluation

Z

kingstreet

Unless I misunderstand what you are doing, the following applies;-

- current property - this property is being remortgaged onto a buy to let product with a new lender. The lender will instruct a surveyor to carry out an inspection of the property to ensure the value is as you have estimated and that the rental income and property condition are acceptable for what you wish to borrow. Your current lender will be repaid from the remortgage proceeds and has no interest in the value of this property

- new property - this property is to be purchased with a new mortgage from your current lender together with a deposit being raised from the BTL remortgage of the current property. The lender will instruct a surveyor to inspect this property to ensure the purchase price and condition are realistic for the amount you wish to borrow. The rate from your existing mortgage will be ported to this new mortgage to assist you in avoiding early repayment penalties or to take advantage of the good rate you currently enjoy.

Is my synopsis correct?

ziof3ster

It is perfect!!!

The point not clear to me was:

"Your current lender will be repaid from the remortgage proceeds and has no interest in the value of this property"

I thought the current lender has interest, but of course I'm wrong!

Thanks a lot Kingstreet and everyone else for the clarification! Very professional and dedicated as usual!

Z

kingstreet

Can you do us a favour?

I'm particularly interested in people porting their old rate to a new mortgage when they aren't actually selling their current property.

Can you come back and tell us when you get confirmation from your current lender that they will allow you to port the old deal to a new mortgage in the circumstances you find yourself in.

Ta muchly.

ziof3ster

Yea no problemo!

I alresdy had a first chat with my actuall lender and said is all ok. The lender is YBS. But of course nothing serious and no application yet, so need to confirm.

This deal is a 5yrs fixed offset, repayment. In terms of conditions, all are the same. No HRC if I keep same amount borrowed, at least same LTV. They just need 90£ for the survey.

Details to follow once I go more in deep in this.

P.S. Still will be very usefull share some website for an online evaluation or refecence to some survey firms..cheers.

kingstreet

£90 for the survey?

If YBS is your current lender, what are they surveying? That seems very cheap for a valuation of a new purchase?

How much is the new property?