Mortgages can sometimes be a dry subject but in today’s times, your local mortgage adviser could become your best friend.
I spoke to some clients yesterday who wanted to move to a new home.
They are finding it very difficult to sell their property at the moment because of the present climate.
Their current property is in a good rental area and would command good rent, so I suggested that they turn this property into a buy to let.
I could arrange a buy to let mortgage on their current property, and move their existing mortgage over to their new property.
Not only could they take their existing residential mortgage with them to their new home, they should also be able to take out a further advance with their existing lender so that they can borrow the extra money they need to purchase the new property.
Fantastic – they get their new dream home, keep their existing property as an asset that could rise in value in the future, and they get to keep their existing interest rate and avoid early repayment charges.
The rent from their existing property should cover the buy to let mortgage.
Happy days.
Obviously this solution will not be suitable for all situations – these people were lucky in that they had the right type of property in the right area, and were able to meet the mortgage requirements, but the key point here is that I did the thinking for them.
I found out all about their circumstances and what they wanted to achieve, and then tried to find a solution for them – a solution they may not have considered without professional mortgage advice.
If you need some mortgage advice that you can rely on please do not hesitate to call me on 01603 901518 or email me at tina@your-mortgagesolutions.co.uk evening and weekend appointments are available to fit around your busy schedules.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee of £295 is payable on confirmation of your Mortgage offer.
Your Mortgage Solutions is a trading style of Your Mortgage Solutions (Norwich) Limited. Your Mortgage Solutions (Norwich) Limited is an appointed representative of Openwork Limited, which is authorised and regulated by the Financial Services Authority.
Buy to Let Mortgages are not regulated by the Financial Services Authority.