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Buying Freehold and renegotiating mortgage
PoisonIvy
Posts: 78 Forumite
Hello
We bought our first flat in 2012 (leasehold) and our fixed rate mortgage deal is about to end in May. Being FTB with a small deposit, it wasn't the greatest rate, but the prices in our area have risen sharply. We are also about to start the process of buying the freehold with the other leaseholder in our 2-flat building.
A couple of questions:
Do we need to inform our lender of our plans to buy the freehold?
Should we wait until the freehold purchase is complete before renegotiating our mortgage/shopping around for another mortgage deal?
Thanks.
We bought our first flat in 2012 (leasehold) and our fixed rate mortgage deal is about to end in May. Being FTB with a small deposit, it wasn't the greatest rate, but the prices in our area have risen sharply. We are also about to start the process of buying the freehold with the other leaseholder in our 2-flat building.
A couple of questions:
Do we need to inform our lender of our plans to buy the freehold?
Should we wait until the freehold purchase is complete before renegotiating our mortgage/shopping around for another mortgage deal?
Thanks.
0
Comments
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No. The two Titles are unrelated.
No. I see no reason to wait.0 -
I agree.
Regardless of who owns the freehold, your flat remains leasehold.
The things are unrelated.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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