Mortgage help needed PLEASE

Poser

We already have a mortgage owing £69,000, our house is valued at £300,000,
now we want to borrow £155,000 for a second house, does anyone know of a company who might be able to lend us that amount of money , We've already asked our existing mortgage company but no joy there . we have a
Joint income of £50,000, any advice please cheers.

herbiesjp

This may be possible.

Is the £155k the new total borrowing over the two properties?

Or is the new total borrowing £155k plus £69k = £224 k over the two properties

What is the purpose of the second property?

Will you let out any of the properties?

Poser

herbiesjp wrote:

Or is the new total borrowing £155k plus £69k = £224 k over the two properties

Yes

Yes

HERBIESJP wrote:

What is the purpose of the second property

Mainly to rent , and to live in for 6 months of the year as property is in canada 2nd house that is

herbiesjp

You appear to have enough incoem to get the mortgage amount requested.

You also appear to have enough equity in the first property to raise sufficient funds to buy the property outright

The fact you are looking for just under 4.5 times joint income will limit you a little but you should still have options available.

Who is your current lender? Would there be any penalties to leave your current lender?

Poser

herbiesjp wrote:

Who is your current lender? Would there be any penalties to leave your current lender?

Britannia, and yes there is a penalty not sure how much.

herbiesjp

Poser wrote:

Britannia, and yes there is a penalty not sure how much.

Your next port of call would be to find out from them the exact fugure that you would need to repay them as a penalty.

Depending on the outcome, you may or may not want to leave them, and therefore may want to look at other routes

Having said that, raising the money from your current property will be th easiest and quickest way of doing so

Poser

herbiesjp wrote:

Your next port of call would be to find out from them the exact fugure that you would need to repay them as a penalty.

Depending on the outcome, you may or may not want to leave them, and therefore may want to look at other routes

Having said that, raising the money from your current property will be th easiest and quickest way of doing so

£7,000 redemption charges
Could i borrow the £155,000 of another company ? and still stay with the britannia , if not i'm still happy to leave them now they knocked me back.

herbiesjp

Poser wrote:

£7,000 redemption charges
Could i borrow the £155,000 of another company ? and still stay with the britannia , if not i'm still happy to leave them now they knocked me back.

Technically you could find a lender to lend you the money to buy in Canada.

But the rates will be higher, as will the fees, and the deposit needed will be higher.

You can leave Britannia, but you would need to factor that high exit fee into your new figures

HTH

Poser

Do you know any companies that might lend us the money we are putting £15,0000 depoist down when or if we find a lender .

MarkyMarkD

Given the huge redemption penalty for leaving Britannia, I would strongly consider asking Britannia for the maximum amount and borrowing the difference elsewhere. Certainly worthwhile if Britannia would go to (say) £200k and you only need £24k from another lender, say.

toonfish

JVR wrote:

I assume you've thought about getting a buy to let remortgage which will let you add the rent for the time you're not staying there to your income. It's structured a little differently to your standard remortgage, but it might be the best solution in your case. It's explained here

didn't realise GMAC did buy to let in Canada - thanks for letting me know