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Remortgage advice accounting for possible future BTL
superspudking
Posts: 44 Forumite
My current situation is a as follows.
My wife and I have 2 kids, aged 2yrs and 9weeks. We live in a small 2 bed flat, with about 35% equity. Our current mortgage deal ends 5th December 2015.
As we are out growing our flat, we plan to buy a house. For this we have enough money for a deposit, but can't access the money until early 2017.
So to give us a little extra room and to save money to pay for house buying fees, we are planning to move into my In laws 6 ish months Before buying a house.
We are not 100% sure of the future of our flat, either we will sell it and put all our money into the new house or it will become a BTL
What I'd like to know is, when we remotgage, will we struggle to find a lender that ticks all the boxes?
Allows us to switch to a BTL, accepts that my wife is on maternity pay (I know someone who has had this trouble), allows us to port our new mortgage over (if we sell the flat), and will lend us a good amount for new property (if we sell the flat).
(Sorry if that sounds a little complicated!)
Do I have any other options?
Any advice is greatly appreciated.
My wife and I have 2 kids, aged 2yrs and 9weeks. We live in a small 2 bed flat, with about 35% equity. Our current mortgage deal ends 5th December 2015.
As we are out growing our flat, we plan to buy a house. For this we have enough money for a deposit, but can't access the money until early 2017.
So to give us a little extra room and to save money to pay for house buying fees, we are planning to move into my In laws 6 ish months Before buying a house.
We are not 100% sure of the future of our flat, either we will sell it and put all our money into the new house or it will become a BTL
What I'd like to know is, when we remotgage, will we struggle to find a lender that ticks all the boxes?
Allows us to switch to a BTL, accepts that my wife is on maternity pay (I know someone who has had this trouble), allows us to port our new mortgage over (if we sell the flat), and will lend us a good amount for new property (if we sell the flat).
(Sorry if that sounds a little complicated!)
Do I have any other options?
Any advice is greatly appreciated.
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