Catch-22 buy to let

Hutta

I have considerable equity in my home and thought I would release some of that to use as a deposit for a buy to let property. I got an agreement in principle from my current mortgage provider, first direct, to release the required equity.I also got an agreement in principle from Virgin Money for the mortgage on a buy to let.

Now the problem, First direct and Virgin Money underwriters will approve my mortgage provided I give them written confirmation that the other has approved there part (agreement in principle is not enough). Since nether First Direct nor Virgin Money want to go first I'm stuck in a catch-22 situation. I tried to get any of them to give me a conditional mortgage offer so i could take that to the other but apparently none of them deal with conditional mortgage offers.

I dont beleive i am the first person to release equity for a deposit to pay for a buy to let property. does anyone know any solutions to this? Sould i try a mortgage company that will give me a conditiona morrgage offer? if so which ones?

Thrugelmir

Seems as if you need to find a BTL lender that is unconcerned as to the source of your deposit. In this tighter regulatory environment not the appetite to take undue risk, nor the profit margin either.