Another "Can I Get A Mortgage" Post!

ACG

Im pretty sure you know what your doing here but i will go with you on this and play the game that you dont...

A BTL mortgage is for a property that is rented out, your intending to live in that property so the lending is not for its intended to use.

You will be lying on the application (which is mortgage fraud) and if the lender does find out that you are breaking the terms of the mortgage they reserve the right to call in the loan leaving you between a rock and a hard place (which could well be on the street).

EDIT:
You cant do it the right way, you have established this which is why you are looking at a BTL - lets not beat around the bush here, why else would you be looking at a BTL as theyre more expensive? Nobody here is stupid, so why treat us as such. Playing all innocent isnt fooling anyone.

hotyogabunny

ACG wrote: »

Im pretty sure you know what your doing here

Well I'm trying my best but not making myself very clear I think!

ACG wrote:

but i will go with you on this and play the game that you dont...

Okay now I'm REALLY confused! Which game am I playing? I want to do things the right way as in living in the domestic place & letting out the LTB mortgage place.

ACG wrote:

A BTL mortgage is for a property that is rented out,

Maybe this is where the confusion lies? I am calling the LTB a BTL in ignorance, since duly corrected. Apologies.

ACG wrote:

]your intending to live in that property so the lending is not for its intended to use.

What I'd really like is to live in the property with the domestic mortgage & let out the LTB property :A

ACG wrote:

You will be lying on the application (which is mortgage fraud) and if the lender does find out that you are breaking the terms of the mortgage they reserve the right to call in the loan leaving you between a rock and a hard place (which could well be on the street).

Which is not what I want to do hence this new post here to find out how to do it the right way.

ACG wrote:

EDIT:
You cant do it the right way, you have established this which is why you are looking at a BTL - lets not beat around the bush here, why else would you be looking at a BTL as theyre more expensive? Nobody here is stupid, so why treat us as such. Playing all innocent isnt fooling anyone.

I am still looking at moving my current mortgage to a LTB but then using my equity in this property together with my savings of £55k+ (depending on when the property comes up for sale, perhaps double that in a year) and then acquiring a domestic mortgage at say 4 x my income which makes the figures add up as advised earlier.

I hope that clarifies the situation & thanks for your input. :mad:

ACG

Maybe im missing something but it just seems like you have dissected my post and just replied with what you have already said on a previous post.

You know what your doing, we know what your doing. You cant do it the right way so your trying to do it another way. I cant add anything more to this so i will just reiterate - if you get caught you could end up losing your "home".

I might sound like im being moody or grumpy but actually if you were to get found out and lose your home you would be thinking i wish i had listened to ACG.

Johnnytwostep

How do you save up so quickly, as you said in this thread
https://forums.moneysavingexpert.com/discussion/4714941
that your new apartment cleaned you out of your liquid assets. I earn much more than you and have trouble saving anything near £55K+ in three weeks. I need to know your secret.

hotyogabunny

ACG wrote: »

Maybe im missing something but it just seems like you have dissected my post and just replied with what you have already said on a previous post.

I thought it might help make sense to you what I am trying to do but I failed to achieve this.

ACG wrote:

You know what your doing, we know what your doing

Not sure the latter is strictly true given the protracted exchange in attempt to clarify

ACG wrote:

. You cant do it the right way

Why not? I understood I could from king street which made the same sense as I suspected.

so your trying to do it another way.

My preference is to do it the correct way hence the purpose of this thread. The other thread should not be confused with this one as I was simply asking a question, weighing up my options & making enquiries.

I cant add anything more to this so i will just reiterate - if you get caught you could end up losing your "home".

"thanks"

I might sound like im being moody or grumpy but actually if you were to get found out and lose your home you would be thinking i wish i had listened to ACG.

I'm not sure why I would lose my home with a domestic mortgage which is easily within my financial reach. That is what is confusing the heck out of me, especially in light of the advice previously given by the lovely KingStreet

ACG

I just want to double check as i could have been very much out of order (and if i have been i will take back everything i have said) but my understanding is that you want to get a BTL mortgage on a property you are going to live in because your income isnt enough to get a £440k mortgage?

hotyogabunny

I thought that is what you thought! Not at all! Which is why I was so vehemently reiterating that I want to live in the 440k pad & let out my old place worth £250k which ticks all the LTB boxes being lived in for over a decade & 97k o/s loan on 250k value.

Me calling the LTB a BTL obviously does not help clarify things AT ALL so for that I can only apologise for my financial jargon ignorance.

As much as I love this place, not sure if I could stand to lose it should the thingy hit the wotsit.

At the risk of confusing matters further, worst case scenario would be to ACTUALLY get a BTL on the 440k pad & ACTUALLY let it out for the duration of the BTL mortgage, whilst living in an entirely different place altogether (ie not the old place or the new one) for the 2 years or whatever the minimum BTL mortgage I can get on it!

Hope that does the trick!

Nikkster

ACG wrote: »

I just want to double check as i could have been very much out of order (and if i have been i will take back everything i have said) but my understanding is that you want to get a BTL mortgage on a property you are going to live in because your income isnt enough to get a £440k mortgage?

I *think* they want to get a let-to-buy mortgage for their current residence. This would then be let out, and they would live in the new property.

Might have completely understood though...

hotyogabunny

Nikkster wrote: »

I *think* they want to get a let-to-buy mortgage for their current residence. This would then be let out, and they would live in the new property.

Might have completely understood though...

THIS! Thank you Nikkster :j

ACG

Right, now i feel like a complete !!!! Im very sorry and take back everything i said.

Ignore everything i said and just listen to kingstreet.