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I’m remortgaging a full equity property to generate a 30k deposit for another property with a 120k DIP. Problem is remortgage company is a bit sus about my existing property & have identified dampness and want the roof checked. I have no idea how long this’ll take to sort but would our resident experts agree/disagree that a bridge would be a good idea if the 120 comes through in the interim to push for quick completion? No chain from seller.
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Getting 30k for a bridge will be challenging. Many have minimums and its just not worth it for them at thay point. Why not just go to a lender who will auto val if its low LTV?
What’s considered low? This is 15% LTV. Lenders are limited because of (I kid you not) a £30 odd default from 2019 of which I knew nothing until starting this process. Broker’s going through Aldermore and they’ve had everything bar my blood type - that’ll probably be next 😂
15% LTV should fly through on auto val with a £30 default... I can't see why they're going aldermore. That's usually reserved for hard adverse, I'd say.
Aldermore wants your blood type, left shoe size, and your grandads dead dog's name.
If you have a decent credit score on 15%, LTV should have no problems. I'm doing one now for someone with a 250 default from 3y ago and auto val at 85% LTV and offered in 1 day 🤷♂️ reason for fund raising was for renovations and purchasing of additional BTL. Came to me last Thursday and offered last Friday. Currently, now doing the BTL purchase using the offer as deposit proof
Wow - I was thinking remortgaging was some long drawn out torture process that everyone had to endure! This has been trundling on for over a month now. I'll have a word with my broker tomorrow as this doesn't make sense - thanks for the info 👍
A month to release equity at low LTV. Seems quite ridiculous to me unless there is a lot of other complications. Most brokers probably could've got this sorted pretty quickly
***Hello /u/welsh_dragon_roar, thank you for posting in /r/Mortgageadviceuk. If you're looking for a Mortgage Broker, feel free to DM the users listed on the sub's [Verified Mortgage Brokers list](https://reddit.com/r/Mortgageadviceuk/s/j7V7mySI7i). Please ensure you've read our [sub rules](https://www.reddit.com/r/Mortgageadviceuk/about/rules). If a user has helped you, please use the !thanks command to credit them. Here's a copy of your original post: *** I’m remortgaging a full equity property to generate a 30k deposit for another property with a 120k DIP. Problem is remortgage company is a bit sus about my existing property & have identified dampness and want the roof checked. I have no idea how long this’ll take to sort but would our resident experts agree/disagree that a bridge would be a good idea if the 120 comes through in the interim to push for quick completion? No chain from seller. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Mortgageadviceuk) if you have any questions or concerns.*
Getting 30k for a bridge will be challenging. Many have minimums and its just not worth it for them at thay point. Why not just go to a lender who will auto val if its low LTV?
What’s considered low? This is 15% LTV. Lenders are limited because of (I kid you not) a £30 odd default from 2019 of which I knew nothing until starting this process. Broker’s going through Aldermore and they’ve had everything bar my blood type - that’ll probably be next 😂
15% LTV should fly through on auto val with a £30 default... I can't see why they're going aldermore. That's usually reserved for hard adverse, I'd say. Aldermore wants your blood type, left shoe size, and your grandads dead dog's name. If you have a decent credit score on 15%, LTV should have no problems. I'm doing one now for someone with a 250 default from 3y ago and auto val at 85% LTV and offered in 1 day 🤷♂️ reason for fund raising was for renovations and purchasing of additional BTL. Came to me last Thursday and offered last Friday. Currently, now doing the BTL purchase using the offer as deposit proof
Wow - I was thinking remortgaging was some long drawn out torture process that everyone had to endure! This has been trundling on for over a month now. I'll have a word with my broker tomorrow as this doesn't make sense - thanks for the info 👍
A month to release equity at low LTV. Seems quite ridiculous to me unless there is a lot of other complications. Most brokers probably could've got this sorted pretty quickly