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Mortgage/Remortgage and Porting
manlovestreet
Posts: 54 Forumite
I have 2 issues which I hope you can help advise with. Thank you in advance for your help.
Issue 1
Property 1
Property value - £125k, 75% LTV BTL mortgage approved after survey. Buyer pulls out after 2 weeks as he wants to now keep the property.
Property 2
Property value - £100k, 75% LTV BTL mortgage approved. Survey found damp in the reception rooms and extended damp report required. Damp report done (from a pca registered surveyor) and £3.5k of remedial work to be done. Barclays then decline mortgage on property due to remedial work. Any ideas why as the cost of the remedial work is not that significant?
My solicitors have checked and there is a mortgage currently on the property with Bank of Scotland.
If I buy the property cash (beg, steal, borrow) and do the remedial work, wait 12 months and then obtain a mortgage, would it be a mortgage or remortgage? Would there be any issues to be aware of?
Issue 2
Property 3
In the property I live, I currently have a residential mortgage, with Barclays on a rate of BoE + 0.5% with about £15K left. I can port the mortgage to another new purchase on a property that I want to live, but Barclays said I would have to sell the existing property. If I have the funds to pay off the existing amount, why cannot I keep the old property and move to a new house and port the mortgage?
Issue 1
Property 1
Property value - £125k, 75% LTV BTL mortgage approved after survey. Buyer pulls out after 2 weeks as he wants to now keep the property.
Property 2
Property value - £100k, 75% LTV BTL mortgage approved. Survey found damp in the reception rooms and extended damp report required. Damp report done (from a pca registered surveyor) and £3.5k of remedial work to be done. Barclays then decline mortgage on property due to remedial work. Any ideas why as the cost of the remedial work is not that significant?
My solicitors have checked and there is a mortgage currently on the property with Bank of Scotland.
If I buy the property cash (beg, steal, borrow) and do the remedial work, wait 12 months and then obtain a mortgage, would it be a mortgage or remortgage? Would there be any issues to be aware of?
Issue 2
Property 3
In the property I live, I currently have a residential mortgage, with Barclays on a rate of BoE + 0.5% with about £15K left. I can port the mortgage to another new purchase on a property that I want to live, but Barclays said I would have to sell the existing property. If I have the funds to pay off the existing amount, why cannot I keep the old property and move to a new house and port the mortgage?
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