2 rental properties and house but want to move..

Grimbo82

Hi all,

We would like some advice please on our potential situation. We currently live in a 4 bedroom detached house and will have lived here for 3 years in August. We have 1 year old child and have seen a new build house that we are keen on buying and have reserved. Our house is currently on the market but viewings have been few and far between. Our current mortgage on the house is with Santander, 2 year fixed rate negotiated last August. i own a flat that is currently let out with a CTL product with Halifax that has a fixed rate expiring in August. My wife also owns a flat that is on a BTL mortgage with BM. All of these mortgages were arranged through an indepdendent broker that we have used several times in last few years.

We would like to know the chances of us getting CTL on our current house with Santander and then getting a new seprate mortgage for our new house. We would have a cash deposit of £37,000 giving us a LTV of 85% on the new house. We anticipate any rent to be 125% of the current mortgage payment. Any advice or suggestions much appreciated!

thanks,

Grimbo

leveller2911

Sounds like your running a BTL business rather than just a residential......

Grimbo82

May sound like that but it is not and never will be out intention to run a BTL business. My wife and I both owned these properties before we bought a home together. Our main intention is to sell our current house but we hustle want to know if we could potentially let our current home as well for a limited time to enable us to move into a new home. Everything in our rental properties is above board and we do complete tax returns.

dimbo61

" All of these mortgages were arranged through an indepdendent broker that we have used several times in last few years "
This seems to be the first person I would be talking too.
No idea about your income,age,pension,savings etc
The broker should go through the lot and find you a lender.
If you have enough equity in your home and flat I am sure you can get a BTL mortgage on both or ask for Consent to let

dimbo61

" have reserved "
Cart before the horse comes to mind Hope you can get the mortgage sorted

getmore4less

You ARE running a letting business.

yo can pretend all you like that your not but you are.

kingstreet

You need to ask your lender about consent to let. We can't tell you if that will be granted.

As long as your lets are self-financing (rent is at least 125% of monthly mortgage interest at 6%) you'll get a mortgage, but getting above 80% may be dependent on builder and broker concerned.

Grimbo82

thanks for your thoughts. I'll see what the broker says. Hopefully we can sell. We have had to pay a reservation fee but were prepared to lose this as the plot was to good to not snap up.