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mortgage advice please!
vienna
Posts: 1 Newbie
Thanks for reading
We've been trying to sell our home for a long time as we hated the area, it was a bit of a 'panic buy' during the housing boom! We've had to resort to letting it now in order to be able to move. We've moved into rented accommodation ourselves simply so a move could be facilitated.
In the current mortgage climate we've gone from having around 30k worth of equity 2 years ago to nil!
We also have another house which is about to be let and have about 40k-65k worth of equity on that. We had also been trying to sell that but have been unable to. This second house has a buy to let mortgage on it and the lender has denied any equity release at this time.
I really don't like having to rent and would much prefer to buy in the area we've moved to. Is there anything at all we could do or any products/lenders that would give us a mortgage on the basis of us owning 2 other properties? I would move into a property with a 'rent to buy' option on it but I'm not sure how this works, either!
Thanks
V
We've been trying to sell our home for a long time as we hated the area, it was a bit of a 'panic buy' during the housing boom! We've had to resort to letting it now in order to be able to move. We've moved into rented accommodation ourselves simply so a move could be facilitated.
In the current mortgage climate we've gone from having around 30k worth of equity 2 years ago to nil!
We also have another house which is about to be let and have about 40k-65k worth of equity on that. We had also been trying to sell that but have been unable to. This second house has a buy to let mortgage on it and the lender has denied any equity release at this time.
I really don't like having to rent and would much prefer to buy in the area we've moved to. Is there anything at all we could do or any products/lenders that would give us a mortgage on the basis of us owning 2 other properties? I would move into a property with a 'rent to buy' option on it but I'm not sure how this works, either!
Thanks
V
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