Good news from the finance guy in London. A mortgage that once was offered… then lost in communication… has now reappeared, as shiny and new as though it never left. In some kind of long-distance kafuffel I thought this mortgage had dried up. I dreamed up this mortgage before I found it, in a “Wouldn’t it be cool if…” teenager scenario, then hey-presto there it was. So I’m glad to hear it’s back, I’ll get the paperwork to give it a look-over when it’s sent over in 5 days.
This mortgage allows me to realize some of the equity in my property. An account is opened with the realized amount as a sort of overdraft protection/line of credit. I don’t get charged on the new equity until I draw on the finances.
This really takes the pressure off as I can make my new offers in peace and not be pressured by time. I only have 5 weeks to locate, purchase and fund the new property, all-the-while refinancing the existing property AND remodeling the kitchen and bathrooms. I have the position of power again. I can offer and REALLY walk away if I can’t get the price I want.
Fantastic!
There are even rumblings of a mortgage that will match your current rate. WOW! At the moment it’s IS available, but only for SFR and not buy-to-let freaks like me. You never know…
The bad news is the banks are taking their sweet time making the ‘offer’. In the past one could expect a bank to answer your funding request in 2 to 4 weeks (depending on the type of sale), now it’s 2 months on average and I just heard today of a 6 month delay in an offer. Makes one nervous. Who wants to loose their deposit due to tardy banks who seem to be playing the market? Or perhaps they’re REALLY looking into each borrower for the first time.
Stranger things have happened.
If you’re kind of confused by this post, you need to read the master plan. As with all ‘master plans’ I’m sure it will have to be modified extensively along the way.
No Comments
Leave a Reply