Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Lender Clause on First Mortgage Affecting Second

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Lender Clause on First Mortgage Affecting Second

    HI


    I am trying to buy a new house and have been approved etc but the mortgage lender has included a clause in the contract that my current property (a flat) would also have its mortgage redeemed on completion of the contract (the flat mortgage is with Bank of Ireland so is not connected to the other lender). Thankfully my solicitor found this as it should not have been there - I do not need to sell to buy and I told my broker this when he arranged the mortgage.


    The problem now is my broker is talking about "buy to let" mortgages on the flat which I really don't want to do - I want to buy this second property and then sell the flat a few months later, that is the idea. I have enough savings to cover both mortgages in the interim but the broker says this is irrelevant.


    Surely there must be a way round this, as I cannot be the only person who is buying without the need to sell beforehand.


    I am really unsure what to do - if the lender won't budge on the contract clause, would there be other lenders who wouldn't insist on this?

    Thanks
Working...
X