Hi All,
Just after a bit of advise please. My husband & I want to buy a house together, we currently live in his house mortgage in his name. I moved in when we got together, at the time I had my own house & because I could not sell it I rent it out. I still own this property & have no intention of selling at the moment, it's on a residential mortgage, intrest only with the Bank Of Ireland(I have permission to let from them) & the rental income covers the mortgage, insurance etc.
We intend to sell his house & get a new mortgage together for the new property. The houses we are looking at are around the 330K mark & we have 132K deposit so the LTV of 60% I believe.
We were all set to go for the Post Office one 2.74% fixed for 5 years as that was a good deal, but i've just rung them to check something & they have said we won't qualify because I already have a residential mortgage with BOI & they will only let you have one. I can't redo the mortgage on my house as the mortgage is 98K & Zoopla estimates it's worth of 107K so not enough ltv.
Is it just BOI that have a problem with this or is this going to be a stumbling block for us? I'm now looking at the Britannia/Coop 2.79% fixed for 5 years, does anyone know if they will have an issue with me already having a residential mortgage? I will ring & check but just wondered if anyone could offer advise & reccommend any others that won't have a problem. Sorry I've gone on:o
Thanks in advance.
Just after a bit of advise please. My husband & I want to buy a house together, we currently live in his house mortgage in his name. I moved in when we got together, at the time I had my own house & because I could not sell it I rent it out. I still own this property & have no intention of selling at the moment, it's on a residential mortgage, intrest only with the Bank Of Ireland(I have permission to let from them) & the rental income covers the mortgage, insurance etc.
We intend to sell his house & get a new mortgage together for the new property. The houses we are looking at are around the 330K mark & we have 132K deposit so the LTV of 60% I believe.
We were all set to go for the Post Office one 2.74% fixed for 5 years as that was a good deal, but i've just rung them to check something & they have said we won't qualify because I already have a residential mortgage with BOI & they will only let you have one. I can't redo the mortgage on my house as the mortgage is 98K & Zoopla estimates it's worth of 107K so not enough ltv.
Is it just BOI that have a problem with this or is this going to be a stumbling block for us? I'm now looking at the Britannia/Coop 2.79% fixed for 5 years, does anyone know if they will have an issue with me already having a residential mortgage? I will ring & check but just wondered if anyone could offer advise & reccommend any others that won't have a problem. Sorry I've gone on:o
Thanks in advance.