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Deposit for let to buy property
taxmatters
Posts: 10 Forumite
I am going to apply let to buy mortgage. As the name suggest, the idea is to release some equity from my existing house (currently on 35% LTV), take some money out via let to buy (up to 73% LTV) and put the deposit towards buying another property. I have arranged it all with mortgage broker is all good. I have found the property to purchase, made offer and accepted.
My question is, as generally expected on exchange day, the buyer needs to pay the 10% deposit, but I expect the deposit to come from the money released from let to buy mortgage, which happens on the completion date of my purchase? Can the let to buy mortgage release the money on exchange date? How does it work with let to buy?
Also Do I need to vacate the property the day I get let to buy money released?
My question is, as generally expected on exchange day, the buyer needs to pay the 10% deposit, but I expect the deposit to come from the money released from let to buy mortgage, which happens on the completion date of my purchase? Can the let to buy mortgage release the money on exchange date? How does it work with let to buy?
Also Do I need to vacate the property the day I get let to buy money released?
0
Comments
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It would make sense to keep multiple related queries into one thread.
https://forums.moneysavingexpert.com/discussion/6215278/stamp-duty-calculations-for-adding-spouse-to-btl-property
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Sure, but this was a completely different topic to the question I posed on the other thread, so may have different viewers who are experts on "Let to buy" so might just keep this thread and have answers here please?0
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Not from me.Most annoying and I now can't be bothered to look at your other thread either.0
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Sure. take your point. I'll add the query to the other post. thanks0
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