would really appreciate some advice please

haynat1

Ok I hope I m going to explain this properly because i am now beginning to confuse myself!!!

My partner has his own house which is mortgaged and i live in rented accomodation, we have now reached a point where we want to move in together as I have 2 children my house is bigger and would be more appropriate to live in (additionally my landlord has offered to sell me the property)

My partner earns £35000 a year and we have a 30000 deposit. We are very reluctant to sell his place though this means whilst we have been offered a mortgage it is short by a good 30000.

We have friends who would are very keen to rent my partners property so im just wondering if we were to change his mortgage to buy to let would that release money to make up our additional 30000 shortfall or would it not be worth it??? Also if anybody knew another way we could get the lenders to up their amount such as a guarantor??

any advice is really appreciated, im a bit naive about the whole process, thanks

ViolaLass

haynat1 wrote: »

We have friends who would are very keen to rent my partners property so im just wondering if we were to change his mortgage to buy to let would that release money to make up our additional 30000 shortfall or would it not be worth it??? Also if anybody knew another way we could get the lenders to up their amount such as a guarantor?

There's no way we can answer this without figures.

Dave_Ham

Spot on - need mortgage balances and property valuations please and will see what solutions there may be...

Sure there will be a solution in there...

haynat1

sorry i really am a newbie at all this!!!

My partners property is £90000 and has £70000 left to pay on the mortage. we have been told we could get around £500 per month rental if we were to rent it out.

My house is being valued at 165000 and we have £30000 deposit though the banks offered us £97000.

thank you

Dave_Ham

OK, scrub taking equity from the buy to let as not practical.

Which lender offered the £97k, as the best suggestion may be to go to a more flexible lender on the affordability/income multiple model...

haynat1

That was offered with hsbc.

Dave_Ham

And there lies the issue!

You will get what you need with another mainstream lender - other things being equal that is...

haynat1

oh :T

Are they really quite strict with lending then? I will try other lenders, can you advise about my partners property can we get a permission to let or would we need to change to buy to let?

Thank you so much for restoring my faith i think i was about reaching breaking point!!

Dave_Ham

I would put my reputation on other lenders, lending more...

Consent to let is usually cheaper although again is dependent upon the lender. Do you know who they are?

Search HSBC mortgage in the bar at the top - I reckon 8 out of 10 will be moaning about HSBC for varying reasons, although their rates are very good - for those that get them!

haynat1

Yes the lender is halifax, you are right many bad threads about hsbc, i noticed a couple whilst browsing but when you search you see just how many there are!!

Could you recommend any lenders or is it just really more looking around? (which i now feel a bit more upbeat about!!)

Dave_Ham

Right, firstly do not declare your hand to halifax until you have seen a mortgage broker. Essentially (and thanks to Kingstreet) you can save yourself some money taking a product first then obtaining consent to let..

I cannot really throw names out there to check, as its not prudent without undertaking a full fact. Thats the advice part of the role I am afraid and whilst I think you have a few solutions, not good to start name dropping lenders..

I would almost guarantee from the information shared that there is a good solution out there for you - get some decent advice though...

All the best...