Sub sales and Back to back transaction Mortgage

london21

Positive update. Completing soon.
Once on land registry, looking to do a remortgage to release some of my funds and money borrowed to complete.
would you say Barclays or Virgin money’s application process would be more straightforward with a day one unencumbered property.  The property would have been on land registry for less than 6 months. 

Looking to remortgage with Barclays or Virgin. 

Virgin money offers free legal and valuation.

Barclays offers free valuation. 

Barclays rates are more competitive. 

Virgin money 75% LTV 2 years 1.88%
Barclays 75% LTV 2 years 1.18%

virgin money 80% LTV 2 years 2.33%
barclays 80% LTV 2 years 1.87%

lonibra

Glad to hear that you are reaching completion.

What is the reason for releasing equity? I used to think the same (it's my money!), but for residential mortgage, banks will not simply let you release loads of cash just because. The reason for it has to match their policy as well. It is much easier for rental property mortgages.

Just make sure you call the banks and understand the policy. Or hire the services of an MB who does this for a day job. The website has many free MBs if you don't like paying.

london21

lonibra said:

Glad to hear that you are reaching completion.

What is the reason for releasing equity? I used to think the same (it's my money!), but for residential mortgage, banks will not simply let you release loads of cash just because. The reason for it has to match their policy as well. It is much easier for rental property mortgages.

Just make sure you call the banks and understand the policy. Or hire the services of an MB who does this for a day job. The website has many free MBs if you don't like paying.

Virgin money and Barclays seem flexible with the reasons but you are right have to be sure they are the one to avoid making more than 1 application.
my reasons are:
1. to return borrowed money from family used to complete 
2. was looking to invest in BTL but have had to use all my money to complete this .

Great point I have called Barclays and Virgin money or will use a MB as they will be more familiar with this.

Thanks.

london21

Thank you all so much for your input when i faced diffciulties.

I have completed today.

many thanks for your assistance, so many sleepless nights and worry but your input calmed me down and made a huge difference.

Thank you @Deleted_User @K_S @lonibra @MWT @user1977

Bristolbs1

hey @london21 on completion . Did you send the money first before your seller paid for their purchase ? I am in the exact same situation. Also did you have any problem registering the property ?

london21

https://forums.moneysavingexpert.com/discussion/comment/81960978#Comment_81960978

Yeah they used the money to complete theirs. It is annoying because same day 2 land registry transaction, theirs was a lower price. So yes I did to meet the deadline given with the auction. I could not get with a mortgage as banks will not lend on such. But afterwards remortgaged.