We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Updated - how can I raise short term borrowing to purchase a new property?
jonnydeppiwish!
Posts: 1,504 Forumite
Hi all
after some advice from a mortgage broker please 🙏
Currently have property A, value ~ £400k mortgage free.
Want to buy property B £375k but stay in A for 3-6 months whilst renovating B.
after some advice from a mortgage broker please 🙏
Currently have property A, value ~ £400k mortgage free.
Want to buy property B £375k but stay in A for 3-6 months whilst renovating B.
What would be the best way to raise the funds (I have ~ £50k cash but need some for additional stamp
minimal outgoings ie not additional debt
Can I get a BTL mortgage on my current home to give me a £200k deposit for a new home (would then need a £200k mortgage), but then if we decide not to let the first house of, sell it instead and pay the mortgage off? We currently have no mortgage.
thanks
minimal outgoings ie not additional debt
Can I get a BTL mortgage on my current home to give me a £200k deposit for a new home (would then need a £200k mortgage), but then if we decide not to let the first house of, sell it instead and pay the mortgage off? We currently have no mortgage.
thanks
2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream
2021 mortgage and debt free, working part time and living the dream
0
Comments
-
If you don't plan to rent it, then you can't get a BTL mortgage. It's mortgage fraud to have no intention of renting it.
You will also need to pay the additional stamp duty on the new place.
How much you can borrow on a BTL depends solely on the rent you can get. You need a lot of rent at the moment for a £200k loan.1 -
Thanks, rent would be 1400-1500. Cheershousebuyer143 said:If you don't plan to rent it, then you can't get a BTL mortgage. It's mortgage fraud to have no intention of renting it.
You will also need to pay the additional stamp duty on the new place.
How much you can borrow on a BTL depends solely on the rent you can get. You need a lot of rent at the moment for a £200k loan.2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream1 -
Be easier and cheaper to take a mortgage on your new home. Find one without redemption penalties.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
-
Will sell property A and move into B once work is completed2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards