mortgage advice please

Dave_Ham

The person you have spoken with must be talking rubbish, as I still do not understand why the 2 are connected.


I still think this should be achievable now, just have a chat with someone sensible.

Thrugelmir

jstvj wrote: »

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 ?

Complications are you won't have owned the property for 6 months, you have other debts and the purpose of the equity withdrawl.

jstvj

So, I have to own new property six months before I can mortgage it, I didn't think it would be that straightforward.

Apart from the letting income £600pm, I only have my State pension and £100pm private pension.

I think I will consult another Broker tomorrow.

Dave_Ham

Good call, stick to raising finance on the property you have owned previously and will be letting out.


Although have a chat with a proper broker and ascertain options formally.

jstvj

Dave_Ham wrote: »

Good call, stick to raising finance on the property you have owned previously and will be letting out.


Although have a chat with a proper broker and ascertain options formally.

Thanks Dave for all your advice. Now I'm being told that another Lender will do it, but only for maximum term of 5 years, so Broker has suggested I go with them and transfer back to original lender next year. I assume the upfront costs will be payable again. What madness!

jstvj

Apparently the replacement lender will only go upto age 75. I can't change to the original lender then, because their upper age limit for applications is 71. So, it appears I have three choices 1/ Transfer to original lender before I'm 71 and pay upfront charges again. 2/ Choose second lender and have to sell house before 5 years expires. 3/ Equity Release on "no interest basis, so similar type of arrangement" which is beyond me

jstvj

Now I have been told that my application was rejected because the property I want to mortgage had been let for less than six months. Is this a usual Lender requirement ?