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To use a mortgage broker or not?
Mighty_Thor
Posts: 3 Newbie
I wonder if anyone can advise?
My partner took out a £135k mortgage 7 years ago, he still owes £80k on it. The property has been on the market for 6 months but isn't selling and he wants to remortgage it, getting an interest only, buy-to-let mortgage and releasing around £20k equity.
I have £20k savings so together we would have £40k deposit and would like to get a joint mortgage and purchase a property for around £250k.
Our joint household income is £56k / year and we have no items on finance, credit card bills or children.
We are in Scotland.
Does this sound like a pipe dream or is it possible, and if it is would we be best to consult a mortgage broker? If so, how do you find a reputable one? Would we be charged two arrangement fees as it's a re-mortgage and a new mortgage we're looking for? Any advise gratefully received!
Thanks
My partner took out a £135k mortgage 7 years ago, he still owes £80k on it. The property has been on the market for 6 months but isn't selling and he wants to remortgage it, getting an interest only, buy-to-let mortgage and releasing around £20k equity.
I have £20k savings so together we would have £40k deposit and would like to get a joint mortgage and purchase a property for around £250k.
Our joint household income is £56k / year and we have no items on finance, credit card bills or children.
We are in Scotland.
Does this sound like a pipe dream or is it possible, and if it is would we be best to consult a mortgage broker? If so, how do you find a reputable one? Would we be charged two arrangement fees as it's a re-mortgage and a new mortgage we're looking for? Any advise gratefully received!
Thanks
0
Comments
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It does sound achievable.
It is worth using a broker though as not all lenders will allow you to do the BTL in those circumstances.
As far as finding a repuatbale broker, speak to friends and family? Maybe call up some brokers and have a chat see if you feel like you trust them enough?
With regards to fees, its down to you and the broker. Some may treat it as 2 jobs and 2 fees, another may charge one larger fee or 1 normal fee and 1 reduced fee or just 1 normal fee - or you may find a broker who is fee free.I am a Mortgage AdviserYou 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.0 -
Great thanks, good to know it's a possibility and will start asking around for broker recommendations. Many thanks for your reply.0
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