remortgage stresses

neeny444

hi,

I was hoping someone might have some advice for me regarding my remortgage situation.. As a first time buyer I bought my house 3 years ago and mortgaged with Woolwich on a fixed term repayment mortgage.

Since then I have begun a relationship and bought a house with my partner which we have moved into. I am renting my house out and have been for just over a year. I have had the same great tenants for the whole time, who are currently remodelling the garden, have children and don't look like going anywhere soon. I got consent to let from Woolwich.

I started looking into a remortgage in July as a buy to let, interest only. Since then I have looked into 2 different providers as the first went into the house for survey and came out saying I would have a £3000 retention needed a damp and timber survey and work to be carried out (this was Natwest). My survey from 3 years ago shows no signs of damp anywhere (it was done in a dry July). The current surveyors have gone in after huge amounts of rain. It is an old victorian midterrace with no dpc as they didn't do it like that then.. when I moved out I stripped the wallpaper and coated the plaster in a substance called G4 as advised by a builder before repainting. Apparently this means nothing.

My mortgage adviser told me to try a different provider (TSB).. at a slightly higher rate.. unfortunately they use the same surveyor.. they went in this week I am waiting to hear the results.. I don't really know what to do..

I HAVE to get a new mortgage (I assume) as I can;t be residential anymore - plus I am concerned if I sit on a variable rate that the rates will go up and with my new house aswell I can't afford any more.

Even if I could afford to do damp work (which I can't afford and don't actually believe needs doing) it would probably mean losing my tenants which would mean I couldn't afford the mortgage anyway...

Any advise would be gratefully received I am getting rather stressed about this....:mad:

thank you