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  • FIRST POST
    • Scotthw
    • By Scotthw 7th Aug 18, 7:28 PM
    • 1Posts
    • 0Thanks
    Scotthw
    Further advance on a new mortage
    • #1
    • 7th Aug 18, 7:28 PM
    Further advance on a new mortage 7th Aug 18 at 7:28 PM
    Hi everyone
    Iím currently in the process of completing on my house with a NatWest mortage. House is £350,000 and Iíve got a mortage for £137,000 (I put £213,000 as a deposit). Itís due to complete within the next week or two.

    What Iíd like to know, is how quickly can you apply for a further advance on the mortage? An opportunity has come up (BTL investment) where I need £100,000

    Affordability wise, I should meet the criteria. The LTV should be ok as my house is £350,000 and it would bring the total up to £237,000.

    Just wondering if anybody else has found themselves in the situation of getting a further advance quickly. Do I need to be so many months into the mortage before Iím allowed to get an advance.

    Many thanks
Page 1
    • middleclassbutpoor
    • By middleclassbutpoor 7th Aug 18, 8:32 PM
    • 412 Posts
    • 366 Thanks
    middleclassbutpoor
    • #2
    • 7th Aug 18, 8:32 PM
    • #2
    • 7th Aug 18, 8:32 PM
    Surely its just cheaper to alter the purchase price/LTV before you complete?
    • ACG
    • By ACG 7th Aug 18, 8:35 PM
    • 17,969 Posts
    • 9,753 Thanks
    ACG
    • #3
    • 7th Aug 18, 8:35 PM
    • #3
    • 7th Aug 18, 8:35 PM
    6 months before you apply, it will then probably be around a month before the funds are released.

    Personally I would alter the LTV of this application (and presumably the product) if you need the money sooner rather than later.
    I am a Mortgage Adviser
    You 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.
    • sparkey1
    • By sparkey1 7th Aug 18, 10:07 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    • #4
    • 7th Aug 18, 10:07 PM
    • #4
    • 7th Aug 18, 10:07 PM
    Can you not get a BTL mortgage for the 100K?

    I suspect if you try to borrow more, you will have to choose a different deal which will probably be more expensive overall due to the higher LTV. It could also delay your current offer.
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