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!
HELP! - buy to let ex council flat!& time...
paulo_4
Posts: 1 Newbie
Currently having dificulties remortgaging from a discount - to a buy to let.
Basically I plan to buy a new property (to live in) using the equity from my existing flat as a deposit. - (and rent it out as a long term pension plan)
This has been going on since the 23rd of May - and last week I was told the buy to let cannot go through -
Initialy set up to go through GMAC - But they've now said that a council flat would have to be worth over 140K : so thats a no go.
current value is 90K - the property itself is a purpose built 2 bed flat (which looks like a semi) - total number of floors in the building - 2 (ground and first)
In a "well to do area" I wish to take out 71k on the property.
rental income ranges from £500-£600 / per month
(which is a good investment)
so now I'm stuck. - the exchange date for the new property is next Tuesday so time is of the issue.
any ideas - I've tried the local mortgage broker along with a "recomended company" - still to no avail - any ideas??
:money:
thanks in anticipation.
P.
Basically I plan to buy a new property (to live in) using the equity from my existing flat as a deposit. - (and rent it out as a long term pension plan)
This has been going on since the 23rd of May - and last week I was told the buy to let cannot go through -
Initialy set up to go through GMAC - But they've now said that a council flat would have to be worth over 140K : so thats a no go.
current value is 90K - the property itself is a purpose built 2 bed flat (which looks like a semi) - total number of floors in the building - 2 (ground and first)
In a "well to do area" I wish to take out 71k on the property.
rental income ranges from £500-£600 / per month
(which is a good investment)
so now I'm stuck. - the exchange date for the new property is next Tuesday so time is of the issue.
any ideas - I've tried the local mortgage broker along with a "recomended company" - still to no avail - any ideas??
:money:
thanks in anticipation.
P.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards