mortgage advice please

jstvj

I have just bought and paid cash for another property to live in. My current house is mortgage free and I am about to let it. I would like to buy a new car by mortgaging the let property. I am 69 and would want the mortgage on an interest only basis. Can anyone advise me on this please especially who would be the best mortgage company to apply to.

ACG

It should be possible, but its probably worth speaking to a broker. There are quite a few lenders who only lend through brokers and not direct.

kingstreet

How much are you looking to raise?

By raising it on a let property, you'll find the minimum loan is a lot higher than on a residential.

jstvj

The house is worth £150k and I want £30k. Are there any lenders who will deal direct with me?

Dave_Ham

Yes there are, although whether they are appropriate you will need to find out..

Age certainly rules out a good few so be aware in advance

Interest only unlikely to be an issue

jstvj

It seems that the situation is complicated because I want to mortgage the property I am letting. Would it be easier to wait until I've completed on my new property (1 week) and then mortgage it.

Dave_Ham

Its complicated as you are trying to pull this together yourself, potentially with the help of an ill equipped branch colleague over the phone/branch


Speak with a sensible mortgage broker and this should be relatively straightforward.


Hope the car is worth it - best of luck

jstvj

Dave_Ham wrote: »

Its complicated as you are trying to pull this together yourself, potentially with the help of an ill equipped branch colleague over the phone/branch


Speak with a sensible mortgage broker and this should be relatively straightforward.


Hope the car is worth it - best of luck

Thank you, but I'm brasic now and also need some money to pay off a couple of balance transfers and furniture etc lol.

Actually, I did go to a mortgage broker this afternoon and was given the impression that it was all very straightforward. After I left their offices, I received a text saying that I need to delay new home completion by two weeks (at least 4 actually as mortgage will take that long to come through) and I must use same Solicitor, which I don't want to, due to very poor service already experienced. I said "No".

Dave_Ham

I don't really understand what you are trying to achieve which requires delaying your ongoing purchase.


Estate Agent broker?

jstvj

Dave_Ham wrote: »

I don't really understand what you are trying to achieve which requires delaying your ongoing purchase.


Estate Agent broker?

This was a mortgage broker, I saw. I am perplexed at the whole thing. I suspect Lender was incorrectly told that I need the mortgage to fund new purchase, but as I transferred the full payment to Solicitor today, this obviously is not the case. I just cannot see why my new cash purchase should enter into any of this. I just want to mortgage my unencombered property which is affordable as it is due to be let as from Dec 1st.

I am simply at a loss and again wonder if it would just be to easier to mortgage my new property after completion next week. That way there are no complications, such as Let to Buy, etc ?

GMS

Trying to refinance the newly bought property prior to 6 months ownership will be an issue. Age will be an issue for a residential mortgage.

What income do you have?

Raising on the property to be let should be doable.

Get a proper broker to look at it for you.