General Discussion: mortgage help


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vaughty
vaughty avatar

149 posts since 9/3/07

10 Jul 2012 18:36
you will be limited on lenders who are willing to lend high loan to value ratio (eg 90% mortgages) on a new build property. Interest rates will be upwards of 5.99% for a 90% mortgage depending on your financial situation
Homer
Homer avatar

23926 posts since 8/5/03

11 Jul 2012 08:18
Unless you go newbuy I was told you need 15% on a new build

For a decent 10% deal try HSBC or check share to buy, they have a deal with Britannia with a good interest rate. I'm on a tracker that's 3.79% on 10% deposit
Gaz
Gaz avatar

2547 posts since 20/10/05

11 Jul 2012 10:45
I want to rent my flat out.

I've spoken to the mortgage provider and they're cool with it… but now it's on to the letting agents.

Has anyone got good experience/advice with regards to these cunts? I've been to one so far and he acted like he couldn't care less and gave me a sheet of paper with a shitload of fees on it that must be paid before I even kick a ball.
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

11 Jul 2012 11:38
just go for a big hitter. bit dearer but no problems. do youre own matienance if youre a handyman, that saves quite a few quid.
Serbia
Serbia avatar

4932 posts since 22/3/06

11 Jul 2012 12:44
Thanks all. Think i need proper mortgage advice as don't know how to structure it. will be a joint mortgage between me and old man, old man earns a lot more than me so provided his names on the montage presume it should be all good.
seenmy
seenmy avatar

6533 posts since 17/6/06

11 Jul 2012 12:55
just get a broker, mine cost me about 200 quid but basically sorted everything out, all I had to do with give him the info and he sorted the rest,they make most of their money from the banks through placing the mortgage, but its worth it especially if its your first, I guess a lot depends on what your old man is committing to on his part to what you can get
Jimmy326
Jimmy326 avatar

4557 posts since 22/9/07

25 Jul 2012 09:15
Am gonna get some expert advice, but does anyone know the answer to this…

Am looking to move but am in around 7K's worth of negative equity at present.

The property I am looking to move to is approx 30K more than my current property's value.

What are my options here? I know I'm going to have to pump in more money, but how much? The full 30K difference upfront?

I've read that the LTV (loan-to-value) ratio must remain the same, which suggests I'll need to put the full 30K upfront? Is there no-way that any lender will let me increase the amount I can lend?
Toasted
Toasted avatar

1652 posts since 15/10/09

25 Jul 2012 09:26
Just pay a broker Jimmy, it's seriously the best money you'll ever spend. Massive reduction in headaches and hassle.
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

25 Jul 2012 09:27
im no broker but i cant see them wangling it for you easily.
really you want to borrow another 37 grand that could be worth less next year as well to the lender.
Jimmy326
Jimmy326 avatar

4557 posts since 22/9/07

25 Jul 2012 09:30
^Exactly, this one ain't as easy as "get a broker with their magic wand". Just wondered if anyone on here had experience of what I want to do, or maybe any mortgage experts on here?
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

25 Jul 2012 09:32
im gonna kinda stick my neck onna the line and say 'it aint gonna happen'.
saxonheights
saxonheights avatar

343 posts since 17/8/11

25 Jul 2012 09:37
Depends on a few factors, what is your current ltv? If it's high then you have fewer options.

If its 80% or less, then you should be ok as you can just get a mortgage with 90%ltv.

What is your credit history like? If thats fine as well you'll be sweet. First thing I would do would be ask your current mortgage provider if they will do it.
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

25 Jul 2012 09:49
^
house must of lost a fucking fortune if hes 7 grand behind what its worth if he paid as much a deposit as what you are assuming.
im out. enjoy the move jimmy. youre sweet, its a done deal.
PHiL
PHiL avatar

8745 posts since 31/8/03

16 Sep 2012 12:21
I want to buy a house that is currently a commercial property, so I cant get a residential mortgage on it.. I'm not worried about getting planning for change of use as it used to be a residential and the other 4 houses in the terrace block are residential..

What would I need to do to be a able to get a mortgage on it? The agent is willing to allow me to do what is needed to to be able to get the house, including applying for change of use. Can I apply for change of use when I don't actually own the house though?

I'm getting some professional advice on Monday, but I know there are people on here that might be able to offer some advice..

It's going to a be a bit of a ball ache, but would be a great if I could get this property so would be worth the hassle as long as its actually going to be possible..
Noble Locks
Noble Locks avatar

66963 posts since 10/7/03

16 Sep 2012 21:39
you wont get a mortgage on a commercial property. has to be livable and undergo a survey
andymakesglasses
andymakesglasses avatar

20224 posts since 26/1/06

21 Sep 2012 10:09
J.K. Rowling's old house for sale, offers over £2,250,000.

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Shiggy
Shiggy avatar

1773 posts since 28/9/03

21 Sep 2012 12:07
PHiL wrote: I want to buy a house that is currently a commercial property, so I cant get a residential mortgage on it.. I'm not worried about getting planning for change of use as it used to be a residential and the other 4 houses in the terrace block are residential..

What would I need to do to be a able to get a mortgage on it? The agent is willing to allow me to do what is needed to to be able to get the house, including applying for change of use. Can I apply for change of use when I don't actually own the house though?

I'm getting some professional advice on Monday, but I know there are people on here that might be able to offer some advice..

It's going to a be a bit of a ball ache, but would be a great if I could get this property so would be worth the hassle as long as its actually going to be possible..

this sounds more like developer finance. depends where it is located and the use type of the existing (offices, industrial, retail etc) but their has been a change on the planning legislation whereby an automatic change of use to resi' from commercial can happen.

yes you can apply for a change of use but no doubt the local authority will charge a fee although this may well be deducted from the planning fees at a later date. its generally called a pre-application enquiry..

if i was you i would want greater security than simply a change of use. a better option would be an outline planning consent which then leads to a full planning application.

in respect of finance, lenders will take different views. lend based upon its existing value or on it ends or GDV (gross development value) in both instances however i suspect that the best you will get is 60 - 65% LTV and on the latter option the finance will most likely be phased as the works progress rather than giving you a lumper up front.
PHiL
PHiL avatar

8745 posts since 31/8/03

21 Sep 2012 12:16
Shiggy wrote:
PHiL wrote: I want to buy a house that is currently a commercial property, so I cant get a residential mortgage on it.. I'm not worried about getting planning for change of use as it used to be a residential and the other 4 houses in the terrace block are residential..

What would I need to do to be a able to get a mortgage on it? The agent is willing to allow me to do what is needed to to be able to get the house, including applying for change of use. Can I apply for change of use when I don't actually own the house though?

I'm getting some professional advice on Monday, but I know there are people on here that might be able to offer some advice..

It's going to a be a bit of a ball ache, but would be a great if I could get this property so would be worth the hassle as long as its actually going to be possible..

this sounds more like developer finance. depends where it is located and the use type of the existing (offices, industrial, retail etc) but their has been a change on the planning legislation whereby an automatic change of use to resi' from commercial can happen.

yes you can apply for a change of use but no doubt the local authority will charge a fee although this may well be deducted from the planning fees at a later date. its generally called a pre-application enquiry..

if i was you i would want greater security than simply a change of use. a better option would be an outline planning consent which then leads to a full planning application.

in respect of finance, lenders will take different views. lend based upon its existing value or on it ends or GDV (gross development value) in both instances however i suspect that the best you will get is 60 - 65% LTV and on the latter option the finance will most likely be phased as the works progress rather than giving you a lumper up front.

Cheers Shiggy

Yeah it's going to be a nightmare first buy, but I've got an offer accepted and going to got for it, as its a great first house and could be a very good buy if I can pull it off.

I'm going to get full plans drawn up (cant be outline as it's a listed building) and apply for cahnge of use. Going to be quite risky and could end up losing a few grand… but fingers crossed it comes off.


Shiggy
Shiggy avatar

1773 posts since 28/9/03

21 Sep 2012 20:23
condition the purchase?
PHiL
PHiL avatar

8745 posts since 31/8/03

15 Jan 2013 13:17
Is a building survey worth the extra over a home buyers? I've been advised to get one due to the type of property, but it would have to be falling down for me not to buy it.. worth the extra £250?