difficult mortgage situation

heavenly_heaven

i am basically looking for a mortgage for an ex-council concrete flat situated on the 7th and 8th floor of 14 floor building, it was purchased under RTB in July 2004.
it has a 70K mort. and is currently valued around 200K. i have a mort with an high street bank that ends April 2007. i was hoping to raise some equity around 65K to renovate and as deposit for a new family home with my partner.
i tried getting a Buy-To-Let mort. with HSBC since i intend moving within 4-6 months.i was offered two options.

to convert to BTL with no equity release but also that they could offer me a residential mort. for the new place (however i can a much better rate witha deposit with other banks)

OR to get the equity needed but on a residential mort.
i earn 25K and my partner earns 15k, 3k owed on credit card no other debt.
also i bought the flat in my name only as i was single then but intend to buy with partner for the new one. any advice is appreciated.
Thanks in advance.

JoeK_3

heavenly_heaven wrote: »

i am basically looking for a mortgage for an ex-council concrete flat situated on the 7th and 8th floor of 14 floor building, it was purchased under RTB in July 2004.
it has a 70K mort. and is currently valued around 200K. i have a mort with an high street bank that ends April 2007. i was hoping to raise some equity around 65K to renovate and as deposit for a new family home with my partner.
i tried getting a Buy-To-Let mort. with HSBC since i intend moving within 4-6 months.i was offered two options.

to convert to BTL with no equity release but also that they could offer me a residential mort. for the new place (however i can a much better rate witha deposit with other banks)

OR to get the equity needed but on a residential mort.
i earn 25K and my partner earns 15k, 3k owed on credit card no other debt.
also i bought the flat in my name only as i was single then but intend to buy with partner for the new one. any advice is appreciated.
Thanks in advance.

What's the question?

JoeK

heavenly_heaven

firstly where can i get a mort for the first flat?
can i find a way to raise fund from the first flat to deposit for a second home to live in.
and is there an easier way to go about it, thanks again!

heavenly_heaven

i sure could do with some help here,if u can pls. do!

Mr_helpful

I think it could be done possibly as a buy to let but would need to speak to an underwriter or two. High rise ex council concrete props are not the most popular with lenders. Do you know roughly what percentage of the block is private and do you know what rental would be expected?

heavenly_heaven

i can get a minimal secured rent on a 5 year lease at about £1000 a month however privately i could get close to £1150.
i can only guess the privately owned flats to be around 10% but i can't be sure( any way of getting this info.)
thanks again!

JoeK_3

heavenly_heaven wrote: »

i sure could do with some help here,if u can pls. do!

1) What property value are you looking for?
2) What rental income would you receive from the BTL?

JoeK

Mr_helpful

I will try and have a hunt round tomorrow for you. Dont mention 5 yr leases BTL likes AST's

heavenly_heaven

thanks all for your help basically as it seems i have mixed the question all up i will explain clearer.
i live now in the RTB but i intend to rent it out for between 3 to 5 years and then moving to a new place with my OH.
once again thanks for your help!

Mr_helpful

As a BTL I have found a couple of lenders but I really need the postcode to see if a few more will do it as it will be subject to valuers comments so one needs to speak to valuers in the area

heavenly_heaven

the property is located in E2 8LD. in hackney just bordering shoreditch/Hoxton and within view of the city area.thanks again.