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Please explain let t buy
Bigbobby
Posts: 61 Forumite
Can someone explain "Let to buy to me". I live in a 1 bed flat and its in good condition. It is on the market and I am struggling to sell. This is because my neighbour is a drunk and assaulted me last year. I have had to put this on the disclosure form.
Flat is on for 70k. I have lived here 5 years and I have been making overpayments. I am with Halifax on a fixed rate 2.99% with 60k remaining on mortgage with 30 years to go.
Based on my income I am allowed to borrow up to 108k. There is a nice house I like for 100k.
Flat is on for 70k. I have lived here 5 years and I have been making overpayments. I am with Halifax on a fixed rate 2.99% with 60k remaining on mortgage with 30 years to go.
Based on my income I am allowed to borrow up to 108k. There is a nice house I like for 100k.
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Comments
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You let your existing property by obtaining consent to let from your existing lender or remortgage to a buy to let or let to buy lender/product and you purchase a new property as your main residence if all the financials stack up.
A discussion with an independent broker may be the best route to establishing what's possible.
You will need at least 10% deposit and don't have the scope to raise it on the current property.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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