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flexible mortgages for investment property
dingle_3
Posts: 10 Forumite
hello,
i currently have a 28K mortgage on a 150K house with BM, the mortgage redemption penalties end in one week.
i hope to release capital from the mortgage in order for me and Mr.Dingle to do up and sell an investment property... we reckon once property is in our clutches it should take 3 months max to finish property and get it back on the market.
my Q is, what financially, mortgagly speaking is the best way of going about it? Mr.Dingle is Self Employed and we would have to self-cert a mortgage, i am a stay at home mum with no salary.
we hope that we can find a property £80 - 95K and that to do it up (guesstermation) should be approx 20K. we also have £5K in savings.
i had origionally thought that we would end up releasing capital and running 2 seperate mortgages but have spoke to a couple of mortgage brokers whom have mentioned flexible mortgages with dropdown financing facilities. which does sound to me like a good suggestion.
also, has anyone heard of 'the mortgage shop' there based in devon and don't charge fees for sorting out mortgages... which sounds good to me! they mentioned a mortgage that is set at 5.8% interest only, free valuation and £300 cashback with a high st. lender but wouldn't say who this lender is.
hope this is clear,
if you've got this far in reading many thanks and i'd be pleased to hear your advice.
i currently have a 28K mortgage on a 150K house with BM, the mortgage redemption penalties end in one week.
i hope to release capital from the mortgage in order for me and Mr.Dingle to do up and sell an investment property... we reckon once property is in our clutches it should take 3 months max to finish property and get it back on the market.
my Q is, what financially, mortgagly speaking is the best way of going about it? Mr.Dingle is Self Employed and we would have to self-cert a mortgage, i am a stay at home mum with no salary.
we hope that we can find a property £80 - 95K and that to do it up (guesstermation) should be approx 20K. we also have £5K in savings.
i had origionally thought that we would end up releasing capital and running 2 seperate mortgages but have spoke to a couple of mortgage brokers whom have mentioned flexible mortgages with dropdown financing facilities. which does sound to me like a good suggestion.
also, has anyone heard of 'the mortgage shop' there based in devon and don't charge fees for sorting out mortgages... which sounds good to me! they mentioned a mortgage that is set at 5.8% interest only, free valuation and £300 cashback with a high st. lender but wouldn't say who this lender is.
hope this is clear,
if you've got this far in reading many thanks and i'd be pleased to hear your advice.
0
Comments
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dingle wrote:Mr.Dingle is Self Employed and we would have to self-cert a mortgage, i am a stay at home mum with no salary
Why do you need to self-cert, does your husband have any accounts?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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