Hi we are hoping to move to a bigger house.
My partner and I have seperate mortgages. I have permission from the lender to let my house and the rent I recieve more than pays (£250 left over) the mortgage (which is interest free so we can pay more off the house we live in, rather then paying extra out in tax.) We plan to sell his house and buy a house together keeping mine.
We spoke to our mortgage lender and they agreed in principle to this and told us how much they would be willing to lend. We have found a house (for quite a bit under what they had suggested.) and have a buyer for ours. Everyones solicitors have been instructed to act and now our lender are saying policy has changed in the last few months and they are not likely to lend because of the second house. They may if we pay £5000 off it (not sure why) and we are waiting to hear back but it seems unlikely that the decision will be in our favour.
We are unsure where to turn next, should we try a broker? has policy changed everywhere so we are unlikely to find a lender? Should we cut out losses (so far £500) and not move, letting the other two couples down who have probably also paid out money. We really don't know where to turn. I don't know if its relevent but we have a 25% deposit for the house we planned to buy. We should have also been left with £5000 after fees etc (which possibly now would have to go off the second mortgage rather then kept as savings fo the new house.)
Thank you for any advice you can give us :)
My partner and I have seperate mortgages. I have permission from the lender to let my house and the rent I recieve more than pays (£250 left over) the mortgage (which is interest free so we can pay more off the house we live in, rather then paying extra out in tax.) We plan to sell his house and buy a house together keeping mine.
We spoke to our mortgage lender and they agreed in principle to this and told us how much they would be willing to lend. We have found a house (for quite a bit under what they had suggested.) and have a buyer for ours. Everyones solicitors have been instructed to act and now our lender are saying policy has changed in the last few months and they are not likely to lend because of the second house. They may if we pay £5000 off it (not sure why) and we are waiting to hear back but it seems unlikely that the decision will be in our favour.
We are unsure where to turn next, should we try a broker? has policy changed everywhere so we are unlikely to find a lender? Should we cut out losses (so far £500) and not move, letting the other two couples down who have probably also paid out money. We really don't know where to turn. I don't know if its relevent but we have a 25% deposit for the house we planned to buy. We should have also been left with £5000 after fees etc (which possibly now would have to go off the second mortgage rather then kept as savings fo the new house.)
Thank you for any advice you can give us :)