Mortgage Help

Devlia

Hello,

Thanks for taking time to read this message.

I am in a bit of a pickle at the moment.

I have recently taken out a Halifax residential mortgage, in fact I am yet to make my second mortgage payment in a few days time.

My personal circumstances have changed & I have had to move back to my old address which I own outright without any mortgage.

I have spoken to Halifax & explained by exceptional circumstances & they will not allow a consent to let the new property out.

They have informed me that they will consider in 6 months whether they will allow for the consent to let.

What would my options be at this point?, I would obviously want to let the property ASAP however would not be able to without the consent to let from Halifax.

Would an option be to raise a new mortgage on my unencumbered mortgage free property & then with that money pay the Halifax mortgage off along with the early redemption penalty?.

I am not going to lie I have spoken to a mortgage broker & he has found a suitable mortgage with Leeds building society, however he said that this would be classed as a debt consolidation as oppose to a standard mortgage/remortgage.
I am starting to get slightly worried, has anyone else been in these circumstances?.
Even if it was debt consolidation would it be difficult to achieve what seem really simple & straightforward?
The unencumbered property which I own is valued at £375,000 & the mortgage which I need to raise is £130,000 to clear the Halifax & let my second property.

I would really appreciate any advice, this has stressed me totally out

Thanks once again.

AnotherJoe

Why don't you just sell the second house you obviously don't need ?

Devlia

Hi Thanks for the reply.

I am sorry forgot to add I do actually need the second house.

The whole point was that we were going to rent the other out, whilst living in the other. However now we have had to move back. So we still want to rent one & live in the other.
I hope the above makes sense.

HappyMJ

Devlia wrote: »

Hi Thanks for the reply.

I am sorry forgot to add I do actually need the second house.

The whole point was that we were going to rent the other out, whilst living in the other. However now we have had to move back. So we still want to rent one & live in the other.
I hope the above makes sense.

Take out a BTL mortgage on the property that is going to be let out.

AnotherJoe

Devlia wrote: »

Hi Thanks for the reply.

I am sorry forgot to add I do actually need the second house.

The whole point was that we were going to rent the other out, whilst living in the other. However now we have had to move back. So we still want to rent one & live in the other.
I hope the above makes sense.

Not really since you seem to have confused need with want.

Can you explain why you need two houses ?

Anyway, yes you may be able to do what you want. Go see a broker and ask. Not all lenders will be happy to do what you want and it also depends on the amount of equity in the house and so on. You might even need to get a BTL mortgage on your own house if that is the mortgages intended use.

Pixie5740

I'm not surprised Halifax have refused consent to let so soon after you getting the keys.

What has changed? Your financial circumstances or the geographical location you need to be in? Something else? Why are you unable to let the mortgage free property and live in the mortgaged property as you had planned?