Move mortgage on another property

GMS

Each proposed lender will appoint an independent surveyor to assess the properties.

For the BTL property the value and projected rental income will be assessed. The rental income will determine the loan amount.

How much rent do you expect per month?

ziof3ster

Oh thanks for the explanation on the surveyor...

the rent should be 1450/1500 pcm

Thrugelmir

ziof3ster wrote: »

for what I know, all the property developers extract money and reivenst in them portfolio in this way...didnt think wa that unlikely..

That was in the boom days of property 1999-2007. When certain lenders were falling over each other to lend. Times have changed bank managers have regained control over the mad house. Leveraging with debt isn't a sound business proposal from a lenders point of view.
As the risk lies with them not the borrower.

Yorkie1

Have you double checked that the lease on your current flat allows you to sub-let it?

GMS

Have you checked RBS are happy witrh the reason for raising funds on the BTL? Not all lenders allow raising money for purchase of a residential property.

kingstreet

Normally, porting a rate is only permitted on selling and buying on. Have you told YBS you aren't selling the first property?

ziof3ster

I'll double check with YBS and RBS and keep you update.....thanks for the interesting advices and poin of views

Zio