Mortgage application advice

kiffab

Hi

I am looking to re-mortgage my flat (value = £77k, current balance = £53k).

My factor has sent me an invoice for £2k worth of repairs carried out to the building.

Is it possible to re-mortgage, requesting 55k (2 more than I actually need) and use the spare 2k to pay off the factoring fee? How do I work this into the mortgage agreement? Don't they just switch over for you so you never actually see the money?

Looking for the lowest possible interest rate as I am keen to rent the property and make a monthly profit. Does anyone have any recommendations for mortgage providers and is it possible to locate them online or best to speak to someone in shop/bank?

Any advice appreciated. :beer:

Thanks!!

andyfromotley

Remortgaging to 55k should not present a problem imo.

However doing so if you intend to let it may well mean that you need to change to a BTL mortgage. These have different requirements to normal residential mortgages. You say you want to rent it for a profit but given the value of the flat, likely rent, fees, voids, maintenance, insurance and certificates plus of course Tax, you may find that any profit may be very skinny indeed.

I get the impression that you are not very clued up on mortgages so it may be best to find a good local broker and take it from there?