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What am I looking for?
Miss_E_of_L
Posts: 4 Newbie
In short I want to let the property I am living in at the moment and buy a new home to live in. Do I have to remortgage my existing property and get a purchase mortgage for the new home?
Now the long story ... Two years ago I bought my first home. At the time my mortgage lender said that they would lend me £469,000 - how many rooms does a girl need? - but I only borrowed £202,500 (my well sized 1 bed flat cost 225K and I put down a 10% deposit).
Now I would like to move to anoher area and ideally would like to let this flat, I would also like to buy another flat to live in. The properties in the area I'm looking to move to are similarily priced and the deposit I can put down - without selling the current flat - is about 25% - 30%
So in my tiny pigeon brain the ideal set up would be that I would be able to get another purchase mortgage alongside the one I already have; is this even possible? I am still gainfully employed and my income has gone up (not considerably though), and if I don't manage to let my current flat I can afford mortgage payments on this and also on a new flat - remember I could be paying off a 469k mortgage right now, but I am paying less than half this!
If a buy to let is my only option, this would mean I would need to work on my deposit.
Any advice appreciated.
Now the long story ... Two years ago I bought my first home. At the time my mortgage lender said that they would lend me £469,000 - how many rooms does a girl need? - but I only borrowed £202,500 (my well sized 1 bed flat cost 225K and I put down a 10% deposit).
Now I would like to move to anoher area and ideally would like to let this flat, I would also like to buy another flat to live in. The properties in the area I'm looking to move to are similarily priced and the deposit I can put down - without selling the current flat - is about 25% - 30%
So in my tiny pigeon brain the ideal set up would be that I would be able to get another purchase mortgage alongside the one I already have; is this even possible? I am still gainfully employed and my income has gone up (not considerably though), and if I don't manage to let my current flat I can afford mortgage payments on this and also on a new flat - remember I could be paying off a 469k mortgage right now, but I am paying less than half this!
If a buy to let is my only option, this would mean I would need to work on my deposit.
Any advice appreciated.
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