Mark Edwards

Hi Jerry

Good to hear from you again, I think what you're asking is, is it possible to obtain a commercial line of credit secured on your residential property. Well this may be possible in certain circumstances. The lender would require first charge on the new investment purchase and a second/first charge on your residential. In this way we can potentially obtain 100% finance.

Give me a call to discuss the detail as to how this could be put in place.... Read More

The product is not available for Ex Pats (British nationals living abroad), however I do have a lender that will lend to Ex Pats.

The rate is 4.49% Variable with a maximum loan to value of 75%. The lenders arrangement fee is 2.5% this can be added to the advance. The property needs to be in London/South East to qualify for this particular product, for other areas of the UK the payable rate will be 5.79%.

The lender will not lend to foreign nationals living abroad so you would need to transfer your husbands equity to you in order to complete on the mortgage. However you mention that you intend to move to the UK in a few years, once your husband has lived in the UK for 3 years he could potentially be added back to the mortgage.

If you are interested in discussing these ideas or taking this forward please contact me.... Read More

Dear Milena

I am afraid Mark is right, you would do well to heed his advice and avoid any involvement with any of the individuals involved. Just examine for a moment what you said in your initial post.

"I am in the process of buying my first BTL property but the problem is that I need to show that I have £25k deposit which I do not have as savings so want the use the equity from my current property. I will not going to use this money because I am buying the property with 25% discount which is exactly the deposit but in order to get a BTL mortgage I need to show that I have the amount.

It can literally be just for 24 hours- just to show that I have the deposit."

You are saying that you will show the BTL lender that the deposit is coming from your own funds, but really it is not as you have a 25% discount. If the lender was aware of how the purchase was really being funded they would not lend. This IS mortgage fraud.

My advice to you is to steer well clear of all the individuals concerned. If you have any doubts then simply email your original post to the BTL lender and ask them if they will be happy to lend.... Read More

Hi James, if you want the funds you raise to go as far as possible then it is worth bearing in mind that I can access 85% loan to value buy to let products. This would mean you need only put in a 15% deposit on each new purchase.

Feel free to contact me via my Member profile (click on the link on my name), for a full range of rates and products currently available.... Read More

London 43, both Vanessa and I have professional tenants in Edmonton so it is possible. To state otherwise is to suggest the entire population of Edmonton is on benefits!

Clearly Edmonton is not for you, which is fine. Enjoy the rest of the bank holiday weekend.... Read More

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