remortgaging to purchase house

Thinking about remortgaging the house in order to buy a house/houses from auctions.I have plenty of equity, house valued at 140000 only owe 6000 could get a mortgage 4 100000 any thoughts.

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  • dimbo61dimbo61 Forumite
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    1 do you earn enough to cover a £106,000 mortgage ( lenders now have to be much more carefull)
    2 What do you plan on doing with the house you have bought from the auction
    3 ? Let it out/do it up ???
    4 Age as you dont want a mortgage over 65 years of age ( lenders might not lend)
  • Sorry missed some information out was in a bit of a hurry.
    I am 47 years old,working full time and also my wife.Gross PA together is £40000.the remortgage is allready going through,but i have second thoughts about it,never done anything like this before,used to working for some one all my working life wish to pack up my job on nights and start flippin houses.I have a lot of equity as i said before and if i leave it too late i will be too old in order to borrow this is possibly once in a lifetime opportunity,used to working 12hour shifts so not scared of work,its just taking that big step.:rolleyes:
  • CLAPTONCLAPTON Forumite
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    a bit confused

    are you planning to let it or do it up and sell it... either way I can't see you'll be able to give up the day job.

    presumably you have worked out the finances ....
  • and start flippin houses

    Wealth Warning.

    House prices can go down as well as up.



    .
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