I'm hoping someone can put my mind at rest.
Bought a repossession in April 13 -needs £100.000+ on renovation and extension. It will be my new home. I mortgaged my current home (was mortgage free) to buy it and using savings to start renovations. Current home now sold.
Mortgage is with Halifax and advisor is well aware re my need to mortgage new home to complete renovation once my current home sale goes through in July.
I'd initially thought I would be able to 'move' mortgage from one house to the other but she told me that's not possible and I should pay off initial mortgage with the sale. Only then should I apply for a mortgage for renovation of the new home.
Anyway went in to my bank -RBS yesterday thinking I'd get a mortgage quote to compare with Halifax -they said unable to offer a mortgage until I've been owner of the new house for 6 months -something to do with money laundering laws.
Really worried now that I won't get the new mortgage as planned and Halifax didn't get back to me today as promised. Live in Scotland and the two properties are in same town. No credit problems and good income.
Sorry for such a lengthy post!
Bought a repossession in April 13 -needs £100.000+ on renovation and extension. It will be my new home. I mortgaged my current home (was mortgage free) to buy it and using savings to start renovations. Current home now sold.
Mortgage is with Halifax and advisor is well aware re my need to mortgage new home to complete renovation once my current home sale goes through in July.
I'd initially thought I would be able to 'move' mortgage from one house to the other but she told me that's not possible and I should pay off initial mortgage with the sale. Only then should I apply for a mortgage for renovation of the new home.
Anyway went in to my bank -RBS yesterday thinking I'd get a mortgage quote to compare with Halifax -they said unable to offer a mortgage until I've been owner of the new house for 6 months -something to do with money laundering laws.
Really worried now that I won't get the new mortgage as planned and Halifax didn't get back to me today as promised. Live in Scotland and the two properties are in same town. No credit problems and good income.
Sorry for such a lengthy post!