I feel like **** , and I’m soooo bloody bored . Going to try to get some sleep . Just thought I would share this info with you all . No ta . Don’t want any work that may involve damaging my Nails .
Advice needed: We found a house that we wanna buy, I can sort the deposit and mortgage without selling our current house first but will the lender look at it as a second house and if so is there a tax implication? We’ll sell our current gaff either way but probably won’t get it sold before we complete on the potential new home.
You will pay additional stamp duty for the second house. But if you sell it within a certain time frame you get it back. Think you get a year to sell the old house.
Will there be a coucil tax implication on two properties (as well has other utility standing charges)?
You’ll likely need a larger deposit as the lender could consider it a buy to let with it being a second home, LTV’s on buy to lets are usually 75%.
Cool, sounds fair enough. Yeah I was thinking that. I might as well rent the other out if that’s the case innit.
I don’t think you need a larger deposit. You could buy new place with 10% take the mortgage on a 1 year fixed. You need a decent mortgage broker who could sort it.
Providing you can find a lender who’ll give you a decent rate, and also find a tenant who isn’t likely to turn your gaff into a cannabis farm, before doing a runner, then yes mate, probably.
Best thing you can do is pretend not to sell your house. Get a decent mortgage broker that has nothing to do with the agent. You flip your old house to buy to let buy the new one if your old house sells quick then just bin the mortgages off and tie in your sale to the purchase.
Shall try and explain better. I was in the middle of smashing a pork roast in my face. get mortgages set up as in AIP. For a let to buy on your house and a normal residential on the new one. New mortgage needs to be a flexible one where there are no penalties for early or over payment. You tell the agent selling the house you want you have nothing to sell. If they ask tell them you’re keeping it and letting out. as soon as your offer is accepted on the new house, whack yours on the market for sale. Not with the agent selling the place you want. then take ages after your offer is accepted to appoint a solicitor and instruct a survey. if your current place sells 4-6 weeks into your purchase then you just string the people your buying off along til your house sale catches up. If that happens you have no head aches of letting it out and no additional stamp duty. if it doesn’t sell then you go through with it bang a tenant in for 6 months or don’t bother and pay 2 mortgages. The buy to let on the current house have as a interest only so you don’t get hammered on paying two mortgages and wait for it to sell. Job done.
That sounds like a great idea tbf cheers. What’s the chances of seller telling us to piss off for dragging our feet though, the area is very popular and they’ll have no issues selling?
Depends if they have found a house they want and the same of the one above them etc. If people haven’t found they won’t care. Pain is if someone buys a new build as they will get threatened by the developers. I’d say on average people take 7-10 days to appoint a solicitor. Just lie a lot. Say your getting quotes from online solicitor and some local ones. Then say your shopping around for a surveyor. Then say you can’t get in with the mortgage broker for a week. Just find out off the selling agent what the vendors are doing onward and above them.