Contract resassignment morgage ? Contract resassignment morgage ?
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  1. #1

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    konsultant has no reputation


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    Default Contract resassignment morgage ?

    Can anyone please tell me if it is easy for contractors to get mortgage for contract reassignment/ sub sales?

    Has anyone actually got one? I have generally been suggested to stay away.

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    stek - scorchio!

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    Can anyone please tell me what this means?

  3. #3

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    Quote Originally Posted by stek View Post
    Can anyone please tell me what this means?
    Re-assigned contract purchases are essentially used for purchasing new build property when you are not buying directly off the developer. The purchase is off the party who originally bought when the property was off plan and has since exchanged on it. This is because new build properties are often marketed upto 2 years before being built which means that not everyone who commits to buy are able to see the transaction through.

    Most lenders are not happy with this kind of business due to the higher risk of opportunity for fraud.

    Clydesdale will consider but limit the new purchase price to 70% or the original purchase price. I believe Barclays will lend 70% of the new uplifted price as long as the mortgage is not more than the original purchase price.

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    Thanks.

    Anyone else with view on my queries ?

  5. #5

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    This is a specialist area and you are really asking a bunch of contractors and hoping an odd FA happens along. Bearing in mind a proper contractor buys cash and you can't buy stately homes off plan I doubt you are going to get any feed back.

    I'd say ring either Martin who replied or John Yerou at Freelancer Financials and speak to the contractor specialists.
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