We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 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!
Homeowner needs to raise cash for deposit on another house!
mucho-mogo
Posts: 4 Newbie
Hi all, need some advice!
My partner and I own our home, we have a mortgage of £109k and the approximate value is £145k.
We have seen a home we would like and would prefer to keep this one somehow to rent it out, so we would like to know how we can raise the extra funds for a deposit on the new house.
The cost is £183k.
ANY advice is greatly appreciated, as we so desperately want this house!
My partner and I own our home, we have a mortgage of £109k and the approximate value is £145k.
We have seen a home we would like and would prefer to keep this one somehow to rent it out, so we would like to know how we can raise the extra funds for a deposit on the new house.
The cost is £183k.
ANY advice is greatly appreciated, as we so desperately want this house!
0
Comments
-
mucho-mogo wrote: »Hi all, need some advice!
My partner and I own our home, we have a mortgage of £109k and the approximate value is £145k.
We have seen a home we would like and would prefer to keep this one somehow to rent it out, so we would like to know how we can raise the extra funds for a deposit on the new house.
The cost is £183k.
ANY advice is greatly appreciated, as we so desperately want this house!
if you had a martgage of 50,000 pound i would say yes, but 109000 pound and no deposit it would be very hard to realease some equity, to buy the other property, thats unless you have savingsI am not a Mortgage AdviserYou should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Firstly you do not own your home the bank does and you have a small equity, about 35K but this is your estimate and wil probably be less when/if you come to sell.
If you do not have the deposit for the second house then DONT BUY IT. Do you not understand you are doing exactly what the very sad people have done that now have nothing!
If you want another house sell the one you have and buy another. This is probably not the advice you wanted but please take your head out of the clounds and understand you cant have what you cant afford.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.6K Work, Benefits & Business
- 599.9K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards