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Buying a new build/current property
Comments
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I was kind of hoping you'd ask them that, or they'd volunteer that information when you contacted them.beckypartridgeleeds82 wrote: »do the bank just change your mortgage upon application or do you have to adhere to certain letting regulations and have checks done etc? Or are the checks done when you register with an agency
As far as I can see, this project is likely to be a non-starter due to your lack of deposit, so I suggest you talk to a whole market broker, particularly one with newbuild experience and find out what your chances are.
NewBuy isn't available on second properties, as Nationwide's criteria states;-
so you're going to have to try to figure out how you're going to get a newbuild with insufficient deposit. The lowest I can think of is 10% and with another property in the background I don't think that's possible.Lending terms
Nationwide will lend between 90.01 – 95% LTV on New Build Houses and Flats build by selected builders (see below for details)
The property must be the applicants' main residence.
The property cannot be used for a holiday or second home, or a Buy to Let as must be owner occupied.
Like I said, broker contact as soon as...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Unless you have over 15% deposit you will need to sell your home first.0
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kingstreet wrote: »...
NewBuy isn't available on second properties, as Nationwide's criteria states;-
...
Those terms would suggest that the new property has to be lived in, which is what I understand the OP is actually planning to do.
The OP needs to talk to their current mortgage lender about turning their current mortgage into a Buy-To-Let.0 -
I should have added the criteria for second homes;-Those terms would suggest that the new property has to be lived in, which is what I understand the OP is actually planning to do.
The OP needs to talk to their current mortgage lender about turning their current mortgage into a Buy-To-Let.Where your client will own more than one property on completion of their new loan with Nationwide the maximum LTV is 85%.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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