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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.
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