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Renting my house out and buying a new JOINT home? Please help!
blt
Posts: 241 Forumite
Hi,
Please could someone help? I'm actually scared of calling my bank to ask for advice as I worry it could jeopardise my position.
I bought a house (solely) in November 2003 and owe about £88,000 on a property now worth about £105,000. I have just finished my fixed rate deal and have gone onto a variable rate (which is just over £100 cheaper!)
Anyway, my partner and I would like to now buy a home together. The problem is that to buy in the area we need to for his job, we need to get a mortgage in both names, as my salary will need to be included in the calculations.
I've read a lot about B2L mortgages but I am really worried as I don't have enough equity in the property and houses are really not moving at all in that area.
Would C&G let me transfer onto a B2L property? I'm getting confused as I know I would probably need 20 - 25% deposit if I was buying from scratch. I would sell if I could, but I know it won't shift.
Help!
Please could someone help? I'm actually scared of calling my bank to ask for advice as I worry it could jeopardise my position.
I bought a house (solely) in November 2003 and owe about £88,000 on a property now worth about £105,000. I have just finished my fixed rate deal and have gone onto a variable rate (which is just over £100 cheaper!)
Anyway, my partner and I would like to now buy a home together. The problem is that to buy in the area we need to for his job, we need to get a mortgage in both names, as my salary will need to be included in the calculations.
I've read a lot about B2L mortgages but I am really worried as I don't have enough equity in the property and houses are really not moving at all in that area.
Would C&G let me transfer onto a B2L property? I'm getting confused as I know I would probably need 20 - 25% deposit if I was buying from scratch. I would sell if I could, but I know it won't shift.
Help!
0
Comments
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First step is investigate concent to let with the exising mortgage which wil normaly be the cheaper option.
Then decide if it is worth renting it out, what rent can you get for the place?0
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