We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage advice Required please
fatlatch_2
Posts: 3 Newbie
Hi I would be very grateful for some mortgage advice.
We live in a house just valued at around 280k, and would like to move to a house that would cost circa 350k. We have a flat with no mortgage outstanding worth at least 130k, which we would like to hold on to, which is rented out with a profit of £430 a month.
Ideally we would like to also keep hold of our current house to rent out, which could bring us 1k a month. The house has 100k outstanding on it, so has 180k equity in it.
In terms of income we have combined income of about 80k, I am self employed and although I have audited accounts, that could be potentially troublesome.
So my question is, how can we achieve our desire to keep hold of both existing properties and get a new mortgage?
We have 35k to put down, and have calculated that taking 50k out in equity out of our existing house, so we would need a mortgage of 275k. Obviously our income does not cover that, soan we use the flat as a guarantor on a mortgage on our new house without having to remortgage it? Or is there something else I am missing?
Thanks in advance.
We live in a house just valued at around 280k, and would like to move to a house that would cost circa 350k. We have a flat with no mortgage outstanding worth at least 130k, which we would like to hold on to, which is rented out with a profit of £430 a month.
Ideally we would like to also keep hold of our current house to rent out, which could bring us 1k a month. The house has 100k outstanding on it, so has 180k equity in it.
In terms of income we have combined income of about 80k, I am self employed and although I have audited accounts, that could be potentially troublesome.
So my question is, how can we achieve our desire to keep hold of both existing properties and get a new mortgage?
We have 35k to put down, and have calculated that taking 50k out in equity out of our existing house, so we would need a mortgage of 275k. Obviously our income does not cover that, soan we use the flat as a guarantor on a mortgage on our new house without having to remortgage it? Or is there something else I am missing?
Thanks in advance.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards