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selling house but want to buy cheaper property and have lost job ?
WHATS_IT_ALL_ABOUT
Posts: 6 Forumite
Hello i am selling my house at the minute to buy a cheaper property so i can pay some debt off i want to rent other house i'm going to buy out.
The only trouble is i have lost my job and am not sure if i can even get another mortgage i have more than 25% of the value of new house for a deposit.
Anybody know if i can get another mortgage i'm on a tracker mortgage at the minute, this is the first time iv'e sold a house to buy another
(if i can ?) so not sure what i can do or get away with ?
Thanks for any replies.
The only trouble is i have lost my job and am not sure if i can even get another mortgage i have more than 25% of the value of new house for a deposit.
Anybody know if i can get another mortgage i'm on a tracker mortgage at the minute, this is the first time iv'e sold a house to buy another
(if i can ?) so not sure what i can do or get away with ?
Thanks for any replies.
0
Comments
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obvious question - if you have lost your job, how will you repay the mortgage on a new house? Are you talking about doing a buy to let using your 25% deposit, and only having rental income to cover the bills?
I would doubt this is a likely move - the lender will want to know you have back up income to cover any periods you don't have tennants.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0
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