Landlords Alliance – Emergency Euro Elections Statement21:09 PM, 21st May 2019
About 3 days ago 70
I’ve been trying to get a new mortgage to cover existing mortgage (£35,000), add extension, funds for refurb and lastly deposit on BTL in Eastbourne, total required about £140,000.
Through this I’ve discovered I’ve only been a guarantor to the parents mortgage for 15 years.
Nat West are the only bank willing to give me the money and let my parents continue to live in the house, and of course only if we transfer the deeds into my name! They were persuaded to not force a 6 month delay in handing over the money, which is normally applied to ensure money laundering, or similar, isn’t occurring.
However they said I’d have to purchase the property, and the solicitors could transfer the money immediately back to me, the drawback is having to pay stamp duty at a cost of £10,000 on a property on which I’ve paid the mortgage for 16 years!!!
So I thought I’d borrow the existing £35,000 as a loan from Barclays and pay off the mortgage, then transfer the deeds into my name by gift from my parents, then get the Nat West mortgage and then pay off the loan.
Nat West are saying they won’t do this and that I must purchase the property.
Any advice please?
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