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Mortgage advice - second property
trebor19871987
Posts: 2 Newbie
Hi
I’m just looking for some advice for my current situation. I currently own a flat with cladding issues but have a sizeable amount of equity on the flat. I have asked with my mortgage provider (Halifax) whether I could withdraw some of this equity to use as a deposit on a new property. I would then change my current mortgage to a buy to let or consent to lease and have the residential mortgage on my new property. Halifax have told me this is not possible due to their policies. Does anyone know if this would be the case with all lenders or does anyone offer any sort of changes like this?
I’m just looking for some advice for my current situation. I currently own a flat with cladding issues but have a sizeable amount of equity on the flat. I have asked with my mortgage provider (Halifax) whether I could withdraw some of this equity to use as a deposit on a new property. I would then change my current mortgage to a buy to let or consent to lease and have the residential mortgage on my new property. Halifax have told me this is not possible due to their policies. Does anyone know if this would be the case with all lenders or does anyone offer any sort of changes like this?
Any help or advice would be appreciated!
0
Comments
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Surely the cladding issues mean that as far as lenders are concerned you don't have any equity?1
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Would this mean that I was unable to change the mortgage to a buy to let mortgage?The mortgage is currently only around 25% of the value of the property. Does this make any difference?0
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