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How does this work..?
Feanor
Posts: 513 Forumite
Hi,
We own a 2 bed flat in Surrey. Still owe £192k on mortgage. Obviously not thinking about selling it at all, but we are originally from the north so if we wanted to go back and rented this place out, would be still be able to get a mortgage on a house in the north?
We used all of our savings to put the deposit down on this place so we wouldn't have a deposit for the second place? Obviously 100% mortgages are a no no, but surely this is possible somehow no?
Any advice would be great.
Thanks
We own a 2 bed flat in Surrey. Still owe £192k on mortgage. Obviously not thinking about selling it at all, but we are originally from the north so if we wanted to go back and rented this place out, would be still be able to get a mortgage on a house in the north?
We used all of our savings to put the deposit down on this place so we wouldn't have a deposit for the second place? Obviously 100% mortgages are a no no, but surely this is possible somehow no?
Any advice would be great.
Thanks
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Comments
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How much do you THINK the flat is worth now??If you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
Well there are similiar for sale around 219-229k but selling them is different. We have put in a new kitchen and plan to do the bathroom. It's alot nicer than when we bought it (for 207k).
We really dont want to sell it, but we are thinking about moving back to the north...0 -
Don't know when you bought but it's unlikely to be worth more than you paid for it.
Unless you are desperate to go back north I would sit tight for now.0 -
Ignore...totally read the 1st post incorrectly.
I think you'd need at least a 10% deposit, maybe more if you already owe £192k
:ABeing Thrifty Gifty again this year:A
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