advice/help on mortgage

devine

Hi
currently own a property with a small amount left on the mortgage which i planned to sell to give myself a large deposit for my next home, due to current climate ive been unable to sell and am now looking at holding onto the property and renting it. This however means i only have a 20k deposit for my next property and not sure how to go about getting the best mortgage deal for myself. will the fact that i already own a property valued at around 110k and only owe 10k help me or hinder me in the process?

checked various websites and the repayments are to high for what i consider a time when they should be well on the slide. Assume this is due to small deposit but im unable to include on my search that i already have a property.

Any help would be gladly appreciated.

getmore4less

Allready having a property does not help you borrow less.

What you can do with the current place is get a hgher mortgage that is covered by the rent(with plenty of safety marging for costs,voids etc) this will give you a bigger deposit.

Or reduce your price so it does sell, you are paying less for the new place since that will have dropped as well so it ballances out.

THe question you need to ask yourself is do you want to become a landlord.