Remortgaging

[Daffodil]

Just wondering has anyone had any experience with banks recently regarding remortgaging. I have a property worth approx 300k - no mortgage (family home inherited). I want to move to another part of country due to work and have found a perfect house. Problem is I can't wait to try and sell current property as it would take too long so want to see about remortgaging it and using money to buy new property. I could then rent out current property and hopefully cover the mortgage.

I want to approach a bank but not sure which one as I don't already have a mortgage so history there. Which one would be a good option - if any? Are banks lending money to anyone these days - from what I hear on the radio and tv it seems they are not. Any advice?

 

[Importer]

I believe that you are the type of customer that all the major banks are actually looking for. You have capital of 300K to start with which lowers the risk of the banks immediately.

I would be surprised if any of the main banks or building societies weren't delighted to do business with you especially if you have a reasonable income and a good history.

By the way why complicate things. Get a mortgage on the new property. Leave the old property as is

Good luck

 

[LDFerguson]

By the way why complicate things. Get a mortgage on the new property. Leave the old property as is

+1

If you structure things the way you suggest, a lender would probably charge you "investment" interest rates because the house is soon to be an investment.

 

[Bronte]

Where are you getting the value of the current house from. How much of a mortgage and what would the monthly repayments be. You realise nearly all the rent would be subject to tax at your higher rate as you've no mortgage interest relief?