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just a thought for now
sdoherty1000
Posts: 135 Forumite
Hi guys, since the house prices are falling i was thinking of buying another property whilst the prices are low. I have a house that has an £80,000 mortage on it. My question is this, can i rent out my house to a family member without changing my present morgage and can i use a percentage of that house as collateral as a deposit on a 2nd morgage?
Thanks for the advice
steve
www.dohertyplumbing.co.uk
Thanks for the advice
steve
www.dohertyplumbing.co.uk
0
Comments
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any one has any advice ?????
thanks
steve0 -
Renting out your house to a family member - you'd need to check that out with your current mortgage lender, there might be something in the T&Cs of the mortgage that might prevent you from doing so.
What's the value of the house that has the £80K mortgage on it? That might affect whether a lender will accept that as collateral on a new property.
If you wait a while longer, house prices might go lower still?0
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