Existing Buy to Let + Second Mortgage Application

sparkstertom

Afternoon all... please bear with me, as I imagine this will be another quite long post!

I posted back in Dec '2012 about buying a house with my other half.

I currently have a mortgage with The Chelsea which I bought with my father over 7 years ago. I lived in it, until I changed jobs 4 years ago and moved back home due to quite a large drop in income. The mortgage is on full repayment terms with a percentage on top for the privilege of 'letting' it out to my sister and brother in law. My sister and her husband are looking at:

a) buying the flat off me... or
b) doing a transfer of assets

This depends on the mathematics working out for them.. I know that neither of those procedures are particularly quick.

I initially posted that we'd found a house that we really liked, but it needed LOADS doing to it.. A few more viewings, and our mind was made up - it just wasn't viable for us. Both working full time, would mean that we'd not have the time, or truthfully, the inclination to organise it.

Myself and my other half are both living back at home, which has enabled us to save £35k which will be our deposit and solicitors fees etc... I'm also now saving for our wedding which is not until 2014.

The only debt between us is a car on lease purchase, with another 24 months left to run.

Between us, our combined salary is not far short of 70k and we've been looking at houses to a maximum of 250k.

We've had an offer accepted on a house for £199950, and we'd be putting a £20000 deposit down, meaning a mortgage of £179950 - about £800 - £900 per month, which is not a problem at all.

We had a DIP organised with Nationwide, who said that they'd be more than happy to offer us the money and I was told that they'd be happy with 90% LTV, even if it was effectively a second home mortgage.

They've since reneged on this, stating that they can only offer 85% LTV - which, if I'm honest - I thought might have been the case.. but hey ho.

They have said, however, that if we can evidence the initiation of a transfer of assets, etc, then they can proceed on the basis of 90% LTV.

I'm not particularly happy with this, especially if any such transfer was to fall through, or worst case, they can't get a mortgage, I wouldn't want to be seen as playing the system..

The Chelsea have since said that they CAN offer us a 90% LTV on a second home mortgage, but I wonder if the adviser didn't quite understand what I meant - the situation seems to me, to be quite complex! Although maybe not?

I'm aware that there are brokers and independent advisers on here, Kingstreet, was very helpful last time, I'm just wondering if you guys are aware of any other companies, preferably building societies that offer 90% LTV on second properties, where the applicant already has a mortgage on buy to let?

Apologies for the mahooosive post, my head's a wee bit cabbaged!

Thanks in anticipation

sparkstertom

..sorted. The Chelsea have offered us a REALLY good deal.

Apologies for the wall of text!

Tom