Complex Mortgage Mayhem FA help needed

christian35

Hi All

Im happy to here anyones advice opinion.
Background:
My father passed away July 15 shortly after my mother. Myself (mainly) and sister joint and executors and only equal beneficiarys decided to administer estate ourselves, after which I was left with and decided to keep a leasehold flat in Battersea, I refurbished the flat and have had a tenant in since February this year. We were also left a LTD company which sole purpose is to hold a property in St Albans which is leased commercially and collects regular rent, lease ends 2020 at which point we will likely sell, value 3-500k.

Me and my wife have found our ideal property near our children's school and have had our offer accepted of 285k, since then our buyer has pulled out. We are finding it hard to sell the property now and worried vendors will go back to marker. My mortgage adviser advised remortgage the Battersea flat to release equity for deposit on new property and further cash for buy to let properties, he had advised to also remortgage current residence to buy to let as he is aware i wish to increase portfolio.
I have applied on the Battersea flat and am awaiting surveyors to attend. Since then I have researched and found the flat (ex local authorities concrete) to be un mortgageable as advised by local agents and managing agents themselves. This is disappointing as broker advised he had "checked" it was possible.

Im now stuck with what to do, my salary is 35,000, my nett rental income is 16k, my wife has a poor (2/5) credit rating and next to no income. These make it impossible for me to take a big enough mortgage for new house even if current residence change to btl - remortgaging to release max 62k (75% ltv) for 20% deposit on new house.

Any ideas on the above would be greatly appreciated, thanks for reading.

christian

amnblog

Your broker says he had checked about the property, and the valuer has not yet attended.

Perhaps you should simply trust your broker?

christian35

The managing agents of the flat currently advertise a flat in the same block as 'cash buyers only, also have spoken to a time served local agent who backs it up. For the purpose of this post I want to assume it's not possible to try and establish another plan or incase if someone else's recommendations