Private Mortgage

mrskingandthescarecrow

I hope someone can give me some advice about a private mortgage. I am currently renting but have a mortgage on a seperate property that I rent out as it is too small for me and my children but would struggle to sell it in today's market.

I would like to buy the house I am renting but would not be able to get any further money off my lender due to the fact that I already have a mortgage.

I have suggested a Private Mortgage to the seller and he seems quite interested but he has a mortgage on the property that I want to buy and I'm not sure if we could then arrange the private mortgage.

Does anyone know if we can go ahead with a private mortgage and what is the best way to go about it or point me in the direction of any further sites that can give more advice.

Many thanks

_Andy_

Is the other property (that's rented out) on a Buy To Let mortgage? If so and the rental is sufficiently covering the mortgage payment it shouldn't cause you any problems for most lenders.