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  • FIRST POST
    • londongeek
    • By londongeek 17th Nov 17, 7:52 PM
    • 1Posts
    • 0Thanks
    londongeek
    worries about new build sub sale / contract reassignment mortgage
    • #1
    • 17th Nov 17, 7:52 PM
    worries about new build sub sale / contract reassignment mortgage 17th Nov 17 at 7:52 PM
    I'm a first time buyer recently agreed on a price for a new build flat in London, instructed a solicitor and getting the exchange deposit in place now to realise that there might not be so many high street banks willing to offer mortgage for sub sale.

    It is taking a while to get to talk to a mortgage adviser but have chatted and called with Barclays and they seem to offer it as long as completion is within 6 months (which it is) and it's not a buy-to-let. I know HSBC does not offer mortgages for this type of sale, does anybody have any experiences with others? Would like to have some backups in case Barclays doesn't work out.

    I've had an AIP approved with a few banks for well over 1.5X the mortgage amount I need and don't believe there should be any financial worries. Are the conditions any banks offer for this kind of set up drastically different from regular mortgages? Was originally hoping to get a 25 year, 2 year fixed rate.

    Completion is mid January so under quite a bit of time pressure to get this sorted as well, has anybody been in this situation and have any recommendations? Thanks!
Page 1
    • eddddy
    • By eddddy 17th Nov 17, 8:30 PM
    • 6,349 Posts
    • 6,219 Thanks
    eddddy
    • #2
    • 17th Nov 17, 8:30 PM
    • #2
    • 17th Nov 17, 8:30 PM
    You could take a look at this list:
    https://www.cml.org.uk/lenders-handbook/englandandwales/question-list/1813/

    Quite a few lenders explicitly say they won't lend on back to back / sub-sales / assigned contracts - so I guess you can cross them off your list.

    But I guess you can't assume that the others would lend - just because they say nothing.
    • nkomp18
    • By nkomp18 10th Feb 18, 1:51 PM
    • 147 Posts
    • 149 Thanks
    nkomp18
    • #3
    • 10th Feb 18, 1:51 PM
    • #3
    • 10th Feb 18, 1:51 PM
    Did you get sorted in the end?
    Can we have an update? I am in a similar situation
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