Another mortgage issue help thread

Another mortgage issue help thread

Author
Discussion

TheBaj

Original Poster:

169 posts

178 months

Wednesday 20th January 2016
quotequote all
I'll try and explain the situation here in the hope there's a solution of sorts ...

My sister and I inherited a property that's currently rented out, we own a 50% share each. My sister (and her husband) were interested in buying my share of the rental property, which I was also keen on, I was looking at moving home myself so the extra money would allow me and my family to move further up the ladder than we thought.

They intended to fund the purchase of my share by taking out a BTL mortgage. However, they've since discovered during the application process that the property needs to have been owned for six months prior to effectively remortgaging. The property only transferred in to our ownership in late October.

Whilst this has been happening I've sold our family home and have reserved a plot on a new build (yes, I know the pros and cons). The new build has the standard 28 day exchange that builders like to slip in. But we're now in a position where we can't imagine the purchase being able to proceed ... we need the money from the sale of the 50% share rental property in order to continue. Sister too was hoping to get things sorted in advance of the new SDLT from April.

I've attempted looking for lenders that don't have the six month ownership rules ... without much luck, especially on the BTL site.

Any ideas? At worst we'll lose our reservation fee paid on the new build, but it's a house we really want.

worsy

5,817 posts

176 months

Wednesday 20th January 2016
quotequote all
Can they not extend the mortgage on their own home?

Sarnie

8,048 posts

210 months

Wednesday 20th January 2016
quotequote all
TheBaj said:
I'll try and explain the situation here in the hope there's a solution of sorts ...

My sister and I inherited a property that's currently rented out, we own a 50% share each. My sister (and her husband) were interested in buying my share of the rental property, which I was also keen on, I was looking at moving home myself so the extra money would allow me and my family to move further up the ladder than we thought.

They intended to fund the purchase of my share by taking out a BTL mortgage. However, they've since discovered during the application process that the property needs to have been owned for six months prior to effectively remortgaging. The property only transferred in to our ownership in late October.

Whilst this has been happening I've sold our family home and have reserved a plot on a new build (yes, I know the pros and cons). The new build has the standard 28 day exchange that builders like to slip in. But we're now in a position where we can't imagine the purchase being able to proceed ... we need the money from the sale of the 50% share rental property in order to continue. Sister too was hoping to get things sorted in advance of the new SDLT from April.

I've attempted looking for lenders that don't have the six month ownership rules ... without much luck, especially on the BTL site.

Any ideas? At worst we'll lose our reservation fee paid on the new build, but it's a house we really want.
Subject to the details as a whole, I can help with this, we've done a very similar case to this recently!

Feel free to drop me a line smile

TheBaj

Original Poster:

169 posts

178 months

Wednesday 20th January 2016
quotequote all
Just the man I was hoping might be able to save the day, thanks Sarnie, I'll drop you a line or pass on your details.

Sarnie

8,048 posts

210 months

Wednesday 20th January 2016
quotequote all
TheBaj said:
Just the man I was hoping might be able to save the day, thanks Sarnie, I'll drop you a line or pass on your details.
No problem, can't promise anything but happy to try! smile

jayxx83

504 posts

197 months

Wednesday 20th January 2016
quotequote all
Coventry / Godiva mortgages would potentially do this dependent on their income. Should be relatively straightforward.

Kent reliance should also do this albeit at higher rates. Key is having a lender that can look at things manually.