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  1. TottonSeagull

    [Finance] Mortgage question

    A way you may be able to it would be to either get a consent to let on your current mortgage (although the lender won’t let you change the mortgage to an interest only mortgage) or remortgage your current place on a let to buy mortgage (essentially a buy to let) which would then take that...
  2. TottonSeagull

    [Finance] Mortgage question

    It would have to be before or at the same time as the new mortgage is drawn down!
  3. TottonSeagull

    [Finance] Mortgage question

    The applicant would have to let the lender know he or she isn’t selling their property in advance. The lender will then base their affordability on what is happening to the existing house (I.e. rented and the mortgage either being changed to a buy to let or the applicant getting a consent to let...
  4. TottonSeagull

    [Finance] Mortgage question

    Not true at all. Where are you basing your knowledge or lack of knowledge?
  5. TottonSeagull

    [Finance] Mortgage question

    It will always be a condition of the new mortgage if you have told them you are selling your property and redeeming the mortgage on the application.
  6. TottonSeagull

    [Finance] Mortgage question

    Sorry but it’s not a small infraction as it couldn’t happen as the acting solicitor would have a duty to repay the existing mortgage and therefore would not allow completion to take place. There the terms and conditions of the onward mortgage won’t have been met! The only way he can do this is...
  7. TottonSeagull

    [Finance] Mortgage question

    If you tell the mortgage lender that you are buying without selling they base their lending on your affordability to service both mortgages. The acting solicitor will make sure that you will be redeeming your current mortgage and will report back to the lender if you decided not to sell. The...
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