Please Help - Buy to Let ...

mrsp89

Hi all


I'm hoping I can get some knowledge from all of you very wise people.


The background:- Me and my DH bought a home in the North East almost 4 years ago, took out a repayment mortgage that was fixed for 2 years, all fine. We then re-mortgaged, again to a 2 year fixed repayment mortgage - 4 months in we decided we were eventually (after many years) going to move into military married quarters - we rang our mortgage company and they said it was fine, they wouldn't put us on a buy to let mortgage as we still intended to return to our property - they just put our rate up by 1% - that was all fantastic. We are now due to re-mortgage again as the 2 year fixed rate is up and if we stayed with our current providers we'd go up to 6.49% :EEK!:


We took our first mortgage out with the advice from a mortgage advisor - we where told at the time that each time we re-mortgaged they would sort it out for us for free - fast forward 4 years and they have decided that they now want £600 for 'helping' so we are going to try and sort out the re-mortgage ourselves (it can't be that hard, right?! :ROTFL:)


This is where we are in a bit of a pickle ... We think we currently have about 18% equity in the house - I know for a buy to let you need 25% (we can raise the extra if we need to go down this route) - We are wondering if anyone knows if we could get another 'normal' mortgage with a different company - we expect to be living in our married quarters for the next 4 years and then we may well decide to return to our 'part bought' home (we may decide to sell and buy somewhere bigger too though :undecided:) - OR would we be forced to go down the buy to let route?


If anyone also has any wise wisdom on how easy / hard it is to do a re-mortgage ourselves too we'd appreciate any feedback


Thank you for reading !! xxx

bike_saving_expert

there are other mortgage brokers out there that will arrange your mortgage for free if you want help i know london and country are free but there may be others

reading your post there is a whole load of things you could do but would need more details of your financial situation as well as your longer term goals and risk appetite to make a correct assessment .

i am not trained as an advisor but i am training hence i point you towards a broker.

mrsp89

Thank you for letting us know that bike saving expert - I think I will be contacting a few brokers on Monday - so annoyed that our usual brokers left it until 4 weeks before our mortgage is due to let us know about the £600 fee!

dimbo61

The broker's fee along with the remortgaging costs can be offset against your profit so smile and look at a 4/5 year fixed rate deal while you are still living in married quarters.
Your broker might well find it easier to get you a long term fix with your LTV as it will be under 75% when you come to remortgage in 5 years :-)

mrsp89

Thanks Dimdo61,


I totally forgot about the fact I could offset the price against the profits - I'm currently sorting out our tax return for this year so I should have been on the ball about that really!


We've had a look around and there seems to be a lot of 'free' mortgage advisors (especially for the Army) so a lot of calls will be getting made first thing Monday morning - just hoping we can sort it all before our current fixed term runs out and our prices rise (we can afford it but it isn't exactly moneysaving!!)

ACG

Do you have any paperwork that states its a lifetime fee?
It might be worth putting in a complaint asking for the fee you paid them back as its not as described.

Its probably worth getting a broker invovled as your options are going to be very limited (if any at all).

kingstreet

There are several lenders who will lend on a residential basis to serving armed forces and permit them consent to let from day one.

A broker will know who to approach and who to avoid.

mrsp89

Thank you both - Going to ring a few brokers tomorrow and try and line an appointment up for asap ... hopefully some of the ones that specialise in 'forces' will know all of the options available to us.


Will have a look for the paperwork for the lifetime fee - didn't even consider requesting the initial fee back so thanks for that ACG!