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Advice on getting another mortgage?
robc184
Posts: 20 Forumite
Hi
I purchased a house in the South about 5 years ago and I'm currently letting the house out to a couple who have been in since that time. The rent has *just* covered the mortgage and expenses. The mortgage is with Nationwide (roughly £84k left) and I have a repayment plan in place.
I have also overpaid when possible and have £9k in overpayment. I'm currently on a basic mortgage payment of 5.49% which includes a 1.5% increase for buy-to-let. I haven't re-mortgaged yet in order to give myself some flexibility if I'm to buy a another house or sell my current one (depending on the market which is still struggling to get back up to what I paid for it).
So I'm now living in Scotland and have been currently renting for the last 3 years but now am looking for a permanent home.
I have a £30k deposit and average cost of a house I'm looking for is £250k.
The online calculators don't seem to cater for my situation of currently on buy-to-let but looking for another mortgage (or does that just come under "borrow more"?). I'm trying to get appointments at my local branch and on the phone of Nationwide and am struggling to get through the queue!
So in the meantime as I continue my contact struggle with Nationwide, I was wondering if anyone had any advice on the mortgage options I have (if any) for buying another house to live in?
Many Thanks
Rob
I purchased a house in the South about 5 years ago and I'm currently letting the house out to a couple who have been in since that time. The rent has *just* covered the mortgage and expenses. The mortgage is with Nationwide (roughly £84k left) and I have a repayment plan in place.
I have also overpaid when possible and have £9k in overpayment. I'm currently on a basic mortgage payment of 5.49% which includes a 1.5% increase for buy-to-let. I haven't re-mortgaged yet in order to give myself some flexibility if I'm to buy a another house or sell my current one (depending on the market which is still struggling to get back up to what I paid for it).
So I'm now living in Scotland and have been currently renting for the last 3 years but now am looking for a permanent home.
I have a £30k deposit and average cost of a house I'm looking for is £250k.
The online calculators don't seem to cater for my situation of currently on buy-to-let but looking for another mortgage (or does that just come under "borrow more"?). I'm trying to get appointments at my local branch and on the phone of Nationwide and am struggling to get through the queue!
So in the meantime as I continue my contact struggle with Nationwide, I was wondering if anyone had any advice on the mortgage options I have (if any) for buying another house to live in?
Many Thanks
Rob
0
Comments
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You will need to find a lender that ignores the other mortgage in the background. A broker is the best bet for you0
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