2nd mortgage

mat2113

hi, i currently own a house worth £100,000 with a £10,000 mortgage on it. My partner and i would like to move closer to my sons school. We have seen a house that we both like, it is on for £90,000. The plan would be to take out a small btl mortgage on our house, to use as a deposit on the new house.



i have a tenant for our house at £350 pcm. i would like to borrow £40,000 , i would pay the mortgage off and have £30,000 as a deposit on the new house. we earn £27000 per year between us. We have no loans or credit cards at all, would we get a mortgage and how much do you think we should offer?

mortgage_adviser_2

Welcome to the gold rush

mat2113

gold rush, what gold rush. i am only doing this because the house a own now is the i will move back to in a few years time

herbiesjp

What you are looking to do is very achievable

There could be some criteria hurdles to overcome but in theory should be pretty straightforward

In light of changing criteria etc, both on the BTL, and the new purchase you'd be best placed to speak with a whole of market adviser. Nothing worse than applying to a lender, who will not agree the mortgage in the first place because you do not fit criteria (wastes your time and leaves a credit check on your file).