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deeejavuuu
Posts: 5 Forumite
Hi All,
Please help me what I should do in the current situation.
I have a plan to rent out my current property and buy another one to move in.
I have buy to let mortgage offer in place for the current property and also have a residential mortgage offer for the property I am going to buy.
Now I have to do contract exchange for the new property I am going to buy which is new build and will be completed in January 2019 which is more than 6 months ( so existing mortgage offers will expire by then )
Can I do completion of buy to let mortgage and use equity to pay for contract exchange for the new property and live in the current property for 6 months until I do completion?
if I do completion now and when reapplying in a couple of months for a residential mortgage to cover the time period until January 2019 will residential mortgage bank consider this as fraud or breach of contract that I am still residing in buy to let property?
have anyone seen such issue before and what is the best way to deal with it ?
Please help me what I should do in the current situation.
I have a plan to rent out my current property and buy another one to move in.
I have buy to let mortgage offer in place for the current property and also have a residential mortgage offer for the property I am going to buy.
Now I have to do contract exchange for the new property I am going to buy which is new build and will be completed in January 2019 which is more than 6 months ( so existing mortgage offers will expire by then )
Can I do completion of buy to let mortgage and use equity to pay for contract exchange for the new property and live in the current property for 6 months until I do completion?
if I do completion now and when reapplying in a couple of months for a residential mortgage to cover the time period until January 2019 will residential mortgage bank consider this as fraud or breach of contract that I am still residing in buy to let property?
have anyone seen such issue before and what is the best way to deal with it ?
0
Comments
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Any reason why you can't keep your rest mortgage going until you complete on the new property?I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and 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.0
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Well buy to let mortgage offer will expire in October as well so I cannot keep it until January 20190
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Sadly I & other members are unable to read the terms of the BTL mortgage you are considering: So cannot comment if it is OK or not to do what you suggest.
Could you kindly let us know what the paperwork says on the matter?
However, note this, you really don;t want to be on the "Hunter" system & find future loans & mortgages nigh on impossible...
https://www.telegraph.co.uk/finance/personalfinance/borrowing/11467480/The-secret-database-blacklisting-borrowers.html0
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