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Remortgaging current house to fund moving
mbugsy18
Posts: 88 Forumite
Hi,
My buyer pulled out on Nov 30th and I have accepted an offer from an investor but he needs to secure finance. I don’t want to lose my house I am buying and have remortgaged my BTLs, and still need around 300000 to cover the cost and increase in SDLT. I want to know if it is feasible to remortgage the house I am selling as a BTL to get the £300000 rather than a bridging loan. I understand there are tracker mortgages with no ERC after searching the forum.
Initially when speaking to a bridging loan firm they mentioned getting Day 1 mortgage on the property I am buying to repay the bridging loan but my mortgage broker said I wouldn’t get a mortgage because of my age and income which is purely from my rental income and private pension.
My buyer pulled out on Nov 30th and I have accepted an offer from an investor but he needs to secure finance. I don’t want to lose my house I am buying and have remortgaged my BTLs, and still need around 300000 to cover the cost and increase in SDLT. I want to know if it is feasible to remortgage the house I am selling as a BTL to get the £300000 rather than a bridging loan. I understand there are tracker mortgages with no ERC after searching the forum.
Initially when speaking to a bridging loan firm they mentioned getting Day 1 mortgage on the property I am buying to repay the bridging loan but my mortgage broker said I wouldn’t get a mortgage because of my age and income which is purely from my rental income and private pension.
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Comments
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Surely the investor can secure finance quicker and easier than you can (if they are genuine).0
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Yes, I truly hope so. But worst case would be 42 days which my broker advised is the turn around time for mortgage offers. I want a back up plan if my seller wants to complete by mid January. They are moving to a new build home and January was the timeframe for it to be ready.
I really want to buy the house but scared to mention that my buyer has pulled out. I am hoping I can exchange with my savings and mortgage offer I already have.0 -
So, what will your sellers do if you don’t exchange and complete according to their timetable? If they put their house back on the market it’s going to be months with a new buyer. I don’t think you should get too worried about delaying until you have a buyer lined up who can actually proceed.No reliance should be placed on the above! Absolutely none, do you hear?0
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Thanks for the advice. I’ll try not to worry.0
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