2nd Mortgage

Conrad

A couple of lenders wont require yopu to get permission from current lender to let and also can use gifted equity as deposit. Ask your adviser to look at those options. The gifted equity needs to be 10%

scoobydoo05

Conrad wrote: »

A couple of lenders wont require yopu to get permission from current lender to let and also can use gifted equity as deposit. Ask your adviser to look at those options. The gifted equity needs to be 10%

Thanks for the above - I have tried 2 IFA suggested on this site, Charcol and london & Country who were both adament that I could not continue down this route.

A 10% gifted equity would be perfect - could anyone suggest a mortgage broker who would know about this?

To answer other questions above;

ISA's - I'm really struggling for free cash, so could not imagine having enough to save without paying off debt.

Deeds - My partner is the sole name on the deeds of trhe property with the equity, but she has a CCJ which we are currently contesting, making it difficult for us to find an affordable joint mortgage.

Expense of renting - We can cover the agency fees, I'm not worried about tax as I will break even on the rental income.

Thanks for all your advice.